Fate Therapeutics’ (FATE) “Neutral” Rating Reaffirmed at Wedbush

Fate Therapeutics (NASDAQ:FATE)‘s stock had its “neutral” rating reiterated by stock analysts at Wedbush in a research note issued on Tuesday, Benzinga reports. They presently have a $7.00 target price on the biopharmaceutical company’s stock. Wedbush’s price target points to a potential upside of 53.17% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Fate Therapeutics in a report on Thursday, April 11th. HC Wainwright reaffirmed a “neutral” rating and set a $7.00 price target on shares of Fate Therapeutics in a report on Tuesday, March 19th. Barclays upped their price target on Fate Therapeutics from $6.00 to $10.00 and gave the company an “overweight” rating in a report on Tuesday, February 27th. Morgan Stanley upped their price objective on Fate Therapeutics from $3.00 to $7.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 27th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Fate Therapeutics in a research report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $6.73.

Fate Therapeutics Stock Performance

Shares of NASDAQ FATE traded down $0.21 during mid-day trading on Tuesday, hitting $4.57. 1,732,228 shares of the stock traded hands, compared to its average volume of 2,748,032. The stock has a fifty day moving average price of $6.88 and a 200-day moving average price of $4.54. Fate Therapeutics has a 52 week low of $1.63 and a 52 week high of $8.83. The company has a market cap of $520.16 million, a price-to-earnings ratio of -2.82 and a beta of 1.66.

Fate Therapeutics (NASDAQ:FATE) last released its earnings results on Monday, February 26th. The biopharmaceutical company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.57) by $0.12. Fate Therapeutics had a negative return on equity of 38.17% and a negative net margin of 253.30%. The business had revenue of $1.68 million for the quarter, compared to the consensus estimate of $0.85 million. During the same period in the previous year, the company posted ($0.58) earnings per share. As a group, sell-side analysts predict that Fate Therapeutics will post -1.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Fate Therapeutics

Hedge funds have recently made changes to their positions in the business. Epiq Partners LLC bought a new position in shares of Fate Therapeutics in the fourth quarter worth about $38,000. Fox Run Management L.L.C. bought a new position in Fate Therapeutics during the third quarter valued at approximately $25,000. National Bank of Canada FI bought a new position in Fate Therapeutics during the third quarter valued at approximately $25,000. Simplicity Solutions LLC bought a new position in Fate Therapeutics during the third quarter valued at approximately $25,000. Finally, RPO LLC bought a new position in Fate Therapeutics during the fourth quarter valued at approximately $46,000. 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.