Fate Therapeutics (NASDAQ:FATE) Given New $3.00 Price Target at Stifel Nicolaus

Fate Therapeutics (NASDAQ:FATE) had its target price cut by equities researchers at Stifel Nicolaus from $5.00 to $3.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “hold” rating on the biopharmaceutical company’s stock. Stifel Nicolaus’ price objective suggests a potential upside of 207.38% from the company’s previous close.

Several other analysts have also commented on the stock. Wells Fargo & Company decreased their price target on shares of Fate Therapeutics from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of Fate Therapeutics in a research report on Thursday. Wedbush reissued a “neutral” rating and issued a $5.00 price target on shares of Fate Therapeutics in a report on Thursday. Bank of America upgraded shares of Fate Therapeutics from an “underperform” rating to a “neutral” rating in a report on Monday, November 18th. Finally, StockNews.com upgraded shares of Fate Therapeutics from a “sell” rating to a “hold” rating in a research note on Monday. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $5.50.

Fate Therapeutics Stock Up 7.8 %

FATE stock traded up $0.07 during trading on Thursday, hitting $0.98. The company had a trading volume of 1,068,643 shares, compared to its average volume of 2,545,630. The firm has a market capitalization of $111.16 million, a P/E ratio of -0.59 and a beta of 2.02. The company has a 50 day simple moving average of $1.40 and a 200-day simple moving average of $2.41. Fate Therapeutics has a 52-week low of $0.88 and a 52-week high of $8.83.

Fate Therapeutics (NASDAQ:FATE) last posted its earnings results on Wednesday, March 5th. The biopharmaceutical company reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13. The business had revenue of $1.86 million for the quarter, compared to the consensus estimate of $1.57 million. Fate Therapeutics had a negative net margin of 1,325.43% and a negative return on equity of 45.88%. Sell-side analysts forecast that Fate Therapeutics will post -1.63 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Redmile Group, Llc bought 397,964 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was purchased at an average cost of $1.68 per share, with a total value of $668,579.52. Following the acquisition, the director now directly owns 12,884,277 shares in the company, valued at $21,645,585.36. This trade represents a 3.19 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.00% of the stock is owned by insiders.

Institutional Trading of Fate Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FATE. JPMorgan Chase & Co. raised its holdings in Fate Therapeutics by 18.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,837,304 shares of the biopharmaceutical company’s stock worth $6,431,000 after purchasing an additional 283,080 shares during the period. Barclays PLC boosted its holdings in shares of Fate Therapeutics by 245.3% during the 3rd quarter. Barclays PLC now owns 424,277 shares of the biopharmaceutical company’s stock worth $1,485,000 after purchasing an additional 301,389 shares during the last quarter. SG Americas Securities LLC lifted its position in Fate Therapeutics by 30.6% during the fourth quarter. SG Americas Securities LLC now owns 44,874 shares of the biopharmaceutical company’s stock worth $74,000 after buying an additional 10,511 shares in the last quarter. Walleye Capital LLC lifted its position in Fate Therapeutics by 263.5% during the third quarter. Walleye Capital LLC now owns 67,609 shares of the biopharmaceutical company’s stock worth $237,000 after buying an additional 49,009 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Fate Therapeutics by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,258,246 shares of the biopharmaceutical company’s stock valued at $7,905,000 after buying an additional 10,863 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.