Bank of America Corp DE Sells 550,066 Shares of Fate Therapeutics, Inc. (NASDAQ:FATE)

Bank of America Corp DE reduced its holdings in Fate Therapeutics, Inc. (NASDAQ:FATE - Free Report) by 64.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 304,129 shares of the biopharmaceutical company's stock after selling 550,066 shares during the quarter. Bank of America Corp DE owned about 0.27% of Fate Therapeutics worth $502,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Intech Investment Management LLC increased its holdings in Fate Therapeutics by 27.5% in the fourth quarter. Intech Investment Management LLC now owns 39,443 shares of the biopharmaceutical company's stock worth $65,000 after purchasing an additional 8,497 shares in the last quarter. SG Americas Securities LLC increased its holdings in Fate Therapeutics by 30.6% in the fourth quarter. SG Americas Securities LLC now owns 44,874 shares of the biopharmaceutical company's stock worth $74,000 after purchasing an additional 10,511 shares in the last quarter. American Century Companies Inc. grew its stake in Fate Therapeutics by 6.6% in the fourth quarter. American Century Companies Inc. now owns 197,704 shares of the biopharmaceutical company's stock valued at $326,000 after acquiring an additional 12,295 shares during the period. Franklin Resources Inc. grew its stake in Fate Therapeutics by 9.6% in the fourth quarter. Franklin Resources Inc. now owns 165,353 shares of the biopharmaceutical company's stock valued at $273,000 after acquiring an additional 14,532 shares during the period. Finally, Renaissance Technologies LLC grew its stake in Fate Therapeutics by 4.4% in the fourth quarter. Renaissance Technologies LLC now owns 378,619 shares of the biopharmaceutical company's stock valued at $625,000 after acquiring an additional 16,000 shares during the period. 97.54% of the stock is currently owned by institutional investors.

Fate Therapeutics Price Performance

Shares of NASDAQ FATE traded down $0.15 during trading on Thursday, reaching $1.40. 2,170,548 shares of the stock traded hands, compared to its average volume of 2,246,881. Fate Therapeutics, Inc. has a 52-week low of $0.66 and a 52-week high of $5.92. The company has a 50-day moving average of $1.19 and a 200-day moving average of $1.38. The stock has a market capitalization of $160.45 million, a P/E ratio of -0.85 and a beta of 2.23.

Fate Therapeutics (NASDAQ:FATE - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The biopharmaceutical company reported ($0.32) EPS for the quarter, beating analysts' consensus estimates of ($0.39) by $0.07. Fate Therapeutics had a negative return on equity of 45.88% and a negative net margin of 1,325.43%. The firm had revenue of $1.63 million for the quarter, compared to analysts' expectations of $1.18 million. Analysts expect that Fate Therapeutics, Inc. will post -1.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FATE has been the subject of a number of research reports. Needham & Company LLC reissued a "hold" rating on shares of Fate Therapeutics in a research note on Thursday. Stifel Nicolaus reduced their price objective on Fate Therapeutics from $5.00 to $3.00 and set a "hold" rating for the company in a research note on Thursday, March 6th. Barclays reduced their price objective on Fate Therapeutics from $10.00 to $2.00 and set an "overweight" rating for the company in a research note on Wednesday, May 14th. Wall Street Zen raised Fate Therapeutics from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Finally, Wells Fargo & Company reduced their price objective on Fate Therapeutics from $5.00 to $4.00 and set an "equal weight" rating for the company in a research note on Thursday, March 6th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $4.14.

Fate Therapeutics Profile

Fate Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders worldwide. The company's chimeric antigen receptor (CAR)-targeted NK and T-cell product candidates include FT576 to treat multiple myeloma, and FT522, to treat lymphoma and autoimmune disorders.