Fate Therapeutics’ (FATE) Neutral Rating Reiterated at Wedbush

Fate Therapeutics (NASDAQ:FATE)‘s stock had its “neutral” rating reiterated by equities researchers at Wedbush in a report issued on Thursday,Benzinga reports. They currently have a $5.00 price objective on the biopharmaceutical company’s stock. Wedbush’s price objective would indicate a potential upside of 395.05% from the stock’s current price.

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

Fate Therapeutics Price Performance

Shares of NASDAQ:FATE opened at $1.01 on Thursday. The business’s 50-day moving average is $1.38 and its 200 day moving average is $2.39. Fate Therapeutics has a 1 year low of $0.88 and a 1 year high of $8.74. The firm has a market capitalization of $115.03 million, a P/E ratio of -0.61 and a beta of 2.02.

Fate Therapeutics (NASDAQ:FATE) last announced its earnings results 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 return on equity of 45.88% and a negative net margin of 1,325.43%. The company had revenue of $1.86 million for the quarter, compared to analyst estimates of $1.57 million. On average, analysts expect that Fate Therapeutics will post -1.63 EPS for the current year.

Insider Transactions at Fate Therapeutics

In related news, Director Redmile Group, Llc bought 397,964 shares of the stock in a transaction dated Friday, December 20th. The shares were purchased at an average price of $1.68 per share, for a total transaction of $668,579.52. Following the completion of the purchase, the director now directly owns 12,884,277 shares of the company’s stock, valued at $21,645,585.36. This represents a 3.19 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.00% of the company’s stock.

Institutional Trading of Fate Therapeutics

A number of hedge funds have recently modified their holdings of the stock. Intech Investment Management LLC boosted its stake in shares of 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 buying an additional 8,497 shares during the last quarter. SG Americas Securities LLC boosted its position in Fate Therapeutics by 30.6% during 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. Geode Capital Management LLC boosted its position in Fate Therapeutics by 0.5% during the third quarter. Geode Capital Management LLC now owns 2,258,246 shares of the biopharmaceutical company’s stock worth $7,905,000 after purchasing an additional 10,863 shares in the last quarter. American Century Companies Inc. boosted its position in Fate Therapeutics by 6.6% during the fourth quarter. American Century Companies Inc. now owns 197,704 shares of the biopharmaceutical company’s stock worth $326,000 after purchasing an additional 12,295 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in Fate Therapeutics by 9.6% during the fourth quarter. Franklin Resources Inc. now owns 165,353 shares of the biopharmaceutical company’s stock worth $273,000 after purchasing an additional 14,532 shares in the last quarter. Hedge funds and other 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.