Brokerages Set Fate Therapeutics, Inc. (NASDAQ:FATE) Target Price at $5.90

Shares of Fate Therapeutics, Inc. (NASDAQ:FATE) have earned an average rating of “Hold” from the eight brokerages that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $5.90.

A number of research firms have weighed in on FATE. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Fate Therapeutics in a research note on Monday, June 8th. Piper Sandler reaffirmed an “overweight” rating and set a $8.00 price objective (up from $6.00) on shares of Fate Therapeutics in a research report on Friday, August 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fate Therapeutics in a research report on Friday, August 7th. Wedbush reiterated an “outperform” rating and issued a $7.00 price objective on shares of Fate Therapeutics in a report on Friday, August 14th. Finally, Wells Fargo & Company raised their target price on Fate Therapeutics from $2.50 to $3.50 and gave the stock an “equal weight” rating in a research report on Friday, August 14th.

Hedge Funds Weigh In On Fate Therapeutics

Several hedge funds have recently added to or reduced their stakes in FATE. BlackRock Inc. acquired a new position in shares of Fate Therapeutics in the 2nd quarter valued at $19,707,000. Johnson & Johnson acquired a new stake in Fate Therapeutics during the 2nd quarter worth $9,123,473. Irenic Capital Management LP acquired a new stake in Fate Therapeutics during the 1st quarter worth $1,054,000. Renaissance Technologies LLC raised its stake in Fate Therapeutics by 26.0% during the 1st quarter. Renaissance Technologies LLC now owns 2,974,683 shares of the biopharmaceutical company’s stock worth $3,570,000 after acquiring an additional 613,802 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Fate Therapeutics in the second quarter valued at $1,552,000. 97.54% of the stock is currently owned by hedge funds and other institutional investors.

Fate Therapeutics Trading Up 3.8%

Shares of NASDAQ:FATE opened at $2.44 on Monday. Fate Therapeutics has a 52 week low of $0.94 and a 52 week high of $3.23. The company’s 50 day moving average is $2.57 and its two-hundred day moving average is $2.06. The company has a market cap of $292.36 million, a PE ratio of -2.32 and a beta of 2.54.

Fate Therapeutics (NASDAQ:FATE) last announced its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.25). The business had revenue of $2.08 million for the quarter, compared to analyst estimates of $1.94 million. Fate Therapeutics had a negative net margin of 1,941.09% and a negative return on equity of 65.08%. As a group, equities research analysts expect that Fate Therapeutics will post -1.03 EPS for the current year.

Fate Therapeutics Company Profile

Fate Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing cellular immunotherapies for cancer and autoimmune diseases. The company uses its induced pluripotent stem cell (iPSC) platform to produce potentially off-the-shelf immune-cell therapies designed to be manufactured at scale and administered to multiple patients.

Its research and development programs include iPSC-derived natural killer (NK) cell and T-cell therapies. Notable candidates have included FT596, an iPSC-derived NK-cell therapy, and FT819, an iPSC-derived T-cell therapy targeting CD19.