Analysts Set Fate Therapeutics, Inc. (NASDAQ:FATE) Price Target at $6.75

Fate Therapeutics, Inc. (NASDAQ:FATE) has earned a consensus recommendation of “Hold” from the ten research firms that are currently covering the company, MarketBeat Ratings reports. Seven analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $6.75.

Several research firms recently commented on FATE. Wedbush reiterated a “neutral” rating and issued a $5.00 target price on shares of Fate Therapeutics in a research note on Tuesday, November 12th. Bank of America raised shares of Fate Therapeutics from an “underperform” rating to a “neutral” rating in a research note on Monday, November 18th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fate Therapeutics in a research report on Tuesday, November 19th.

Fate Therapeutics Price Performance

Fate Therapeutics stock opened at $1.62 on Friday. The stock has a market capitalization of $184.51 million, a P/E ratio of -0.98 and a beta of 1.95. Fate Therapeutics has a 12-month low of $1.55 and a 12-month high of $8.83. The firm’s 50-day moving average is $2.38 and its two-hundred day moving average is $3.25.

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

Insider Buying and Selling

In related news, Director Redmile Group, Llc bought 397,964 shares of the business’s stock in a transaction on Friday, December 20th. The shares were bought at an average cost of $1.68 per share, for a total transaction of $668,579.52. Following the completion of the purchase, the director now owns 12,884,277 shares of the company’s stock, valued at $21,645,585.36. This represents a 3.19 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.00% of the stock is owned by company insiders.

Institutional Trading of Fate Therapeutics

Large investors have recently modified their holdings of the company. Perceptive Advisors LLC acquired a new position in Fate Therapeutics during the 2nd quarter valued at about $1,133,000. Deerfield Management Company L.P. Series C boosted its position in shares of Fate Therapeutics by 62.3% during the second 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 buying an additional 1,365,463 shares during the period. Integral Health Asset Management LLC grew its holdings in Fate Therapeutics by 325.0% in the 2nd quarter. Integral Health Asset Management LLC now owns 850,000 shares of the biopharmaceutical company’s stock worth $2,788,000 after buying an additional 650,000 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Fate Therapeutics in the 2nd quarter valued at approximately $1,799,000. Finally, E Fund Management Co. Ltd. raised its stake in Fate Therapeutics by 930.2% during the 2nd quarter. E Fund Management Co. Ltd. now owns 355,225 shares of the biopharmaceutical company’s stock valued at $1,165,000 after acquiring an additional 320,745 shares in the last quarter. Institutional investors and hedge funds 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.