Fate Therapeutics (NASDAQ:FATE) Coverage Initiated at CIBC

Equities researchers at CIBC started coverage on shares of Fate Therapeutics (NASDAQ:FATE) in a note issued to investors on Friday, FirstToMarketsRatingsTable reports. The brokerage set an “outperform” rating and a $27.00 price target on the biopharmaceutical company’s stock. CIBC’s price target points to a potential upside of 25.35% from the stock’s previous close.

A number of other analysts also recently issued reports on the company. Oppenheimer initiated coverage on Fate Therapeutics in a research report on Friday. They issued an “outperform” rating and a $27.00 price target for the company. Piper Jaffray Companies downgraded Pioneer Energy Services from an “overweight” rating to a “neutral” rating in a research report on Thursday, June 27th. Roth Capital reduced their target price on Diamondback Energy from $166.00 to $150.00 and set a “buy” rating on the stock in a research note on Friday, June 7th. Zacks Investment Research lowered ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, BidaskClub lowered Waterstone Financial from a “hold” rating to a “sell” rating in a research note on Friday, June 21st. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $22.77.

Shares of FATE opened at $21.54 on Friday. The company has a market capitalization of $1.33 billion, a P/E ratio of -18.10 and a beta of 1.65. The stock has a fifty day moving average of $19.49. Fate Therapeutics has a 52-week low of $8.64 and a 52-week high of $22.61. The company has a debt-to-equity ratio of 0.26, a quick ratio of 6.40 and a current ratio of 6.40.

Fate Therapeutics (NASDAQ:FATE) last issued its quarterly earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.07). The company had revenue of $2.63 million during the quarter, compared to the consensus estimate of $2.01 million. Fate Therapeutics had a negative return on equity of 54.30% and a negative net margin of 1,138.12%. The firm’s quarterly revenue was up 156.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.27) earnings per share. On average, sell-side analysts anticipate that Fate Therapeutics will post -1.29 EPS for the current year.

In other news, insider Daniel D. Shoemaker sold 12,500 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $20.21, for a total transaction of $252,625.00. Following the transaction, the insider now owns 148,091 shares in the company, valued at $2,992,919.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider J Scott Wolchko sold 14,335 shares of the firm’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $19.37, for a total value of $277,668.95. Following the transaction, the insider now owns 389,216 shares in the company, valued at approximately $7,539,113.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,376 shares of company stock worth $668,402. Insiders own 23.19% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Rhumbline Advisers increased its stake in shares of Fate Therapeutics by 1.1% during the first quarter. Rhumbline Advisers now owns 80,220 shares of the biopharmaceutical company’s stock valued at $1,409,000 after buying an additional 841 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Fate Therapeutics by 9.9% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 12,624 shares of the biopharmaceutical company’s stock valued at $222,000 after buying an additional 1,139 shares during the period. Meeder Asset Management Inc. increased its stake in shares of Fate Therapeutics by 248.5% during the first quarter. Meeder Asset Management Inc. now owns 2,826 shares of the biopharmaceutical company’s stock valued at $50,000 after buying an additional 2,015 shares during the period. Jane Street Group LLC increased its stake in shares of Fate Therapeutics by 34.8% during the fourth quarter. Jane Street Group LLC now owns 13,656 shares of the biopharmaceutical company’s stock valued at $175,000 after buying an additional 3,529 shares during the period. Finally, Legal & General Group Plc increased its stake in shares of Fate Therapeutics by 48.6% during the fourth quarter. Legal & General Group Plc now owns 11,376 shares of the biopharmaceutical company’s stock valued at $146,000 after buying an additional 3,719 shares during the period. Hedge funds and other institutional investors own 93.28% of the company’s stock.

About Fate Therapeutics

Fate Therapeutics, Inc operates as a biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer and immune disorder. The firm programme cellular therapeutics for the treatment of life threatening diseases, hematologic malignancies, genetic disorders and diseases resulting from the dysregulation of the immune system.

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