Wells Fargo & Co downgraded shares of Fate Therapeutics (NASDAQ:FATE) from an outperform rating to a market perform rating in a research note released on Wednesday, Briefing.com Automated Import reports. They currently have $16.00 price target on the biopharmaceutical company’s stock, down from their previous price target of $24.00.
Several other brokerages have also weighed in on FATE. Zacks Investment Research upgraded Fate Therapeutics from a hold rating to a buy rating and set a $16.00 price target for the company in a research note on Tuesday, October 15th. BTIG Research began coverage on Fate Therapeutics in a research note on Friday, August 9th. They set a buy rating and a $27.00 price objective for the company. BidaskClub lowered Fate Therapeutics from a hold rating to a sell rating in a research note on Wednesday, August 28th. Mizuho reiterated a buy rating and set a $27.00 price objective on shares of Fate Therapeutics in a research note on Wednesday, September 4th. Finally, BMO Capital Markets set a $27.00 price objective on Fate Therapeutics and gave the stock a buy rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $24.38.
FATE traded up $0.05 on Wednesday, reaching $14.60. 582,100 shares of the stock were exchanged, compared to its average volume of 729,887. The company has a debt-to-equity ratio of 0.28, a current ratio of 5.61 and a quick ratio of 5.61. Fate Therapeutics has a fifty-two week low of $11.00 and a fifty-two week high of $22.82. The company’s 50-day moving average price is $15.13 and its 200 day moving average price is $17.97. The firm has a market capitalization of $1.03 billion, a PE ratio of -12.27 and a beta of 1.81.
Fate Therapeutics (NASDAQ:FATE) last announced its quarterly earnings results on Tuesday, November 5th. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.38) by ($0.02). Fate Therapeutics had a negative net margin of 900.24% and a negative return on equity of 59.38%. The business had revenue of $2.43 million during the quarter, compared to analysts’ expectations of $1.75 million. During the same quarter in the prior year, the firm earned ($0.31) EPS. Fate Therapeutics’s revenue for the quarter was up 136.7% on a year-over-year basis. As a group, equities analysts forecast that Fate Therapeutics will post -1.42 earnings per share for the current fiscal year.
In related news, General Counsel Cindy Tahl sold 10,200 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $14.24, for a total value of $145,248.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Bahram Valamehr sold 6,200 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $14.18, for a total value of $87,916.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,417 shares of company stock worth $536,649. Insiders own 23.19% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in FATE. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Fate Therapeutics in the second quarter valued at approximately $10,329,000. Nikko Asset Management Americas Inc. acquired a new position in Fate Therapeutics in the second quarter valued at approximately $10,329,000. First Trust Advisors LP acquired a new position in Fate Therapeutics in the second quarter valued at approximately $2,728,000. ARK Investment Management LLC acquired a new position in Fate Therapeutics in the second quarter valued at approximately $4,508,000. Finally, Aperio Group LLC acquired a new position in Fate Therapeutics in the second quarter valued at approximately $79,000. Hedge funds and other institutional investors own 97.19% of the company’s stock.
Fate Therapeutics Company Profile
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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