Wells Fargo & Company Cuts Fate Therapeutics (NASDAQ:FATE) Price Target to $4.00

Fate Therapeutics (NASDAQ:FATE) had its price objective reduced by Wells Fargo & Company from $5.00 to $4.00 in a research note published on Thursday,Benzinga reports. They currently have an equal weight rating on the biopharmaceutical company’s stock.

Several other equities research analysts have also issued reports on FATE. Wedbush reaffirmed a “neutral” rating and issued a $5.00 price objective on shares of Fate Therapeutics in a research note on Thursday. StockNews.com raised shares of Fate Therapeutics from a “sell” rating to a “hold” rating in a research report on Monday, March 3rd. Needham & Company LLC reissued a “hold” rating on shares of Fate Therapeutics in a research report on Thursday. Finally, Bank of America raised shares of Fate Therapeutics from an “underperform” rating to a “neutral” rating in a research report on Monday, November 18th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $5.50.

Fate Therapeutics Trading Down 2.9 %

FATE stock opened at $1.01 on Thursday. Fate Therapeutics has a 1 year low of $0.88 and a 1 year high of $8.74. The company has a fifty day simple moving average of $1.36 and a 200 day simple moving average of $2.36. The firm has a market cap of $115.74 million, a PE ratio of -0.61 and a beta of 2.26.

Fate Therapeutics (NASDAQ:FATE) last released its quarterly earnings data on Wednesday, March 5th. The biopharmaceutical company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.13. Fate Therapeutics had a negative net margin of 1,325.43% and a negative return on equity of 45.88%. The business had revenue of $1.86 million during the quarter, compared to analyst estimates of $1.57 million. As a group, analysts forecast that Fate Therapeutics will post -1.63 EPS for the current fiscal year.

Insider Transactions at Fate Therapeutics

In related news, Director Redmile Group, Llc acquired 397,964 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were bought at an average price of $1.68 per share, for a total transaction of $668,579.52. Following the acquisition, the director now owns 12,884,277 shares in the company, valued at $21,645,585.36. This trade represents a 3.19 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Intech Investment Management LLC increased its stake 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 valued at $65,000 after acquiring an additional 8,497 shares during the period. SG Americas Securities LLC increased its stake 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 valued at $74,000 after acquiring an additional 10,511 shares during the period. Geode Capital Management LLC increased its stake in Fate Therapeutics by 0.5% in the third quarter. Geode Capital Management LLC now owns 2,258,246 shares of the biopharmaceutical company’s stock valued at $7,905,000 after acquiring an additional 10,863 shares during the period. American Century Companies Inc. increased 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. Finally, Franklin Resources Inc. increased 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. Institutional investors own 97.54% of the company’s stock.

About Fate Therapeutics

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.