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

Fate Therapeutics (NASDAQ:FATE) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued on Monday, MarketBeat Ratings reports.

FATE has been the topic of a number of other research reports. HC Wainwright restated a “neutral” rating and set a $5.00 price target on shares of Fate Therapeutics in a research note on Thursday, August 22nd. Needham & Company LLC restated a “hold” rating on shares of Fate Therapeutics in a research note on Wednesday, November 13th. Finally, Wedbush restated a “neutral” rating and set a $5.00 price target on shares of Fate Therapeutics in a research note on Tuesday, November 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $6.89.

Fate Therapeutics Stock Performance

Shares of FATE stock opened at $2.18 on Monday. Fate Therapeutics has a fifty-two week low of $1.96 and a fifty-two week high of $8.83. The firm has a market capitalization of $248.28 million, a price-to-earnings ratio of -1.32 and a beta of 1.88. The stock’s 50-day simple moving average is $3.06 and its 200-day simple moving average is $3.56.

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

Institutional Investors Weigh In On Fate Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Ausdal Financial Partners Inc. acquired a new position in Fate Therapeutics in the second quarter valued at approximately $33,000. Dark Forest Capital Management LP acquired a new position in Fate Therapeutics in the second quarter valued at approximately $63,000. DRW Securities LLC acquired a new position in Fate Therapeutics in the second quarter valued at approximately $71,000. Castleview Partners LLC acquired a new position in Fate Therapeutics in the third quarter valued at approximately $73,000. Finally, Arizona State Retirement System acquired a new position in Fate Therapeutics in the second quarter valued at approximately $84,000. Institutional investors and hedge funds own 97.54% of the company’s stock.

Fate Therapeutics Company Profile

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.