Fate Therapeutics (NASDAQ:FATE) Given New $3.00 Price Target at Wells Fargo & Company

Fate Therapeutics (NASDAQ:FATE) had its price objective reduced by Wells Fargo & Company from $3.50 to $3.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 55.84% from the stock’s previous close.

Several other equities research analysts also recently issued reports on FATE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fate Therapeutics in a report on Wednesday. Wedbush reiterated an “outperform” rating and issued a $7.00 price objective on shares of Fate Therapeutics in a report on Tuesday, October 27th. Finally, Piper Sandler reissued an “overweight” rating and issued a $8.00 price objective (up from $6.00) on shares of Fate Therapeutics in a research report on Friday, August 14th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Fate Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $5.80.

Fate Therapeutics Stock Up 4.1%

Shares of NASDAQ FATE traded up $0.07 during trading hours on Friday, hitting $1.93. The company had a trading volume of 132,964 shares, compared to its average volume of 2,305,729. Fate Therapeutics has a 1-year low of $0.95 and a 1-year high of $3.23. The firm’s 50 day moving average is $2.25 and its 200-day moving average is $1.97. The stock has a market capitalization of $230.65 million, a P/E ratio of -1.82 and a beta of 2.65.

Fate Therapeutics (NASDAQ:FATE) last announced its quarterly earnings data on Thursday, November 5th. The biopharmaceutical company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.02. The company had revenue of $1.35 million during the quarter, compared to the consensus estimate of $1.14 million. Fate Therapeutics had a negative net margin of 1,941.09% and a negative return on equity of 65.08%. On average, sell-side analysts predict that Fate Therapeutics will post -1.03 earnings per share for the current year.

Hedge Funds Weigh In On Fate Therapeutics

A number of hedge funds have recently bought and sold shares of FATE. Callan Family Office LLC acquired a new stake in Fate Therapeutics in the 2nd quarter worth about $29,000. Bank of New York Mellon Corp bought a new stake in Fate Therapeutics in the 2nd quarter valued at about $31,000. HB Wealth Management LLC bought a new stake in Fate Therapeutics in the 2nd quarter valued at about $31,000. Focus Partners Advisor Solutions LLC bought a new stake in Fate Therapeutics in the 2nd quarter valued at about $32,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Fate Therapeutics during the 2nd quarter worth approximately $35,000. 97.54% of the stock is owned by institutional investors.

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 induced pluripotent stem cell (iPSC) technology to create standardized, potentially off-the-shelf immune cell products, including natural killer (NK) cells and T cells.

Its research and development activities include iPSC-derived cell therapies engineered to recognize and attack cancer cells. Fate’s pipeline has included candidates such as FT819, an iPSC-derived, CD19-targeted CAR T-cell therapy, along with other investigational NK-cell and T-cell programs.