Fate Therapeutics (NASDAQ:FATE) Upgraded to Neutral at Bank of America

Bank of America upgraded shares of Fate Therapeutics (NASDAQ:FATE) from an underperform rating to a neutral rating in a research report report published on Monday, Marketbeat reports.

Several other research analysts also recently issued reports on the company. HC Wainwright reaffirmed a “neutral” rating and set a $5.00 price target on shares of Fate Therapeutics in a research note on Thursday, August 22nd. Wedbush reissued a “neutral” rating and issued a $5.00 target price on shares of Fate Therapeutics in a research note on Tuesday, November 12th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fate Therapeutics in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $6.75.

Fate Therapeutics Stock Performance

Fate Therapeutics stock opened at $2.07 on Monday. Fate Therapeutics has a one year low of $1.96 and a one year high of $8.83. The business has a fifty day moving average of $2.99 and a two-hundred day moving average of $3.54. The company has a market cap of $235.76 million, a P/E ratio of -1.25 and a beta of 1.88.

Fate Therapeutics (NASDAQ:FATE) last released its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.02. The business had revenue of $3.07 million during the quarter, compared to the consensus estimate of $0.88 million. Fate Therapeutics had a negative return on equity of 45.88% and a negative net margin of 1,325.43%. Sell-side analysts predict that Fate Therapeutics will post -1.72 EPS for the current year.

Institutional Trading of Fate Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD grew its holdings in Fate Therapeutics by 404.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 274,289 shares of the biopharmaceutical company’s stock valued at $2,014,000 after buying an additional 219,932 shares during the period. Perceptive Advisors LLC purchased a new stake in shares of Fate Therapeutics during the 2nd quarter worth about $1,133,000. Vanguard Group Inc. grew its holdings in shares of Fate Therapeutics by 6.6% during the 1st quarter. Vanguard Group Inc. now owns 9,911,007 shares of the biopharmaceutical company’s stock worth $72,747,000 after purchasing an additional 617,644 shares during the period. Deerfield Management Company L.P. Series C grew its holdings in shares of Fate Therapeutics by 62.3% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,555,871 shares of the biopharmaceutical company’s stock worth $11,663,000 after purchasing an additional 1,365,463 shares during the period. Finally, Integral Health Asset Management LLC grew its holdings in shares of Fate Therapeutics by 325.0% during the 2nd quarter. Integral Health Asset Management LLC now owns 850,000 shares of the biopharmaceutical company’s stock worth $2,788,000 after purchasing an additional 650,000 shares during the period. 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.