Zacks Investment Research Lowers Fate Therapeutics Inc. (FATE) to Hold
Fate Therapeutics Inc. (NASDAQ:FATE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Fate Therapeutics, Inc. is a biopharmaceutical company. The company focused on the discovery and development of adult stem cell modulators to treat hematologic malignancies, lysosomal storage disorders and muscular dystrophies. Fate Therapeutics, Inc. is headquartered in San Diego, California. “
Several other brokerages also recently weighed in on FATE. Roth Capital began coverage on Fate Therapeutics in a report on Thursday, September 22nd. They set a “buy” rating and a $8.00 price target for the company. BMO Capital Markets set a $4.00 price target on Fate Therapeutics and gave the company a “buy” rating in a report on Monday, August 8th. HC Wainwright reiterated a “buy” rating on shares of Fate Therapeutics in a report on Tuesday, August 9th. Finally, Leerink Swann reiterated an “outperform” rating and issued a $4.00 price objective on shares of Fate Therapeutics in a report on Tuesday, June 21st. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Fate Therapeutics presently has an average rating of “Buy” and an average price target of $6.29.
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Shares of Fate Therapeutics (NASDAQ:FATE) traded up 0.34% during midday trading on Tuesday, hitting $2.95. The stock had a trading volume of 53,373 shares. The stock’s 50 day moving average price is $2.89 and its 200 day moving average price is $2.15. The firm’s market cap is $85.24 million. Fate Therapeutics has a 12 month low of $1.46 and a 12 month high of $5.02.
Fate Therapeutics (NASDAQ:FATE) last issued its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.29) earnings per share for the quarter, beating the consensus estimate of ($0.32) by $0.03. Fate Therapeutics had a negative return on equity of 90.94% and a negative net margin of 699.10%. The firm earned $1.03 million during the quarter, compared to the consensus estimate of $1.02 million. On average, equities analysts forecast that Fate Therapeutics will post ($1.13) EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in FATE. Spark Investment Management LLC boosted its position in shares of Fate Therapeutics by 1.8% in the first quarter. Spark Investment Management LLC now owns 63,700 shares of the biopharmaceutical company’s stock valued at $114,000 after buying an additional 1,100 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Fate Therapeutics by 7.8% in the second quarter. Bank of New York Mellon Corp now owns 68,444 shares of the biopharmaceutical company’s stock valued at $117,000 after buying an additional 4,941 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of Fate Therapeutics by 66.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 69,394 shares of the biopharmaceutical company’s stock valued at $125,000 after buying an additional 27,578 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of Fate Therapeutics by 26.2% in the second quarter. BlackRock Fund Advisors now owns 75,572 shares of the biopharmaceutical company’s stock valued at $128,000 after buying an additional 15,701 shares during the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in shares of Fate Therapeutics during the second quarter valued at about $137,000. 41.22% of the stock is currently owned by institutional investors and hedge funds.
About Fate Therapeutics
Fate Therapeutics, Inc (Fate Therapeutics) is a clinical-stage biopharmaceutical company. The Company is engaged in development of programmed cellular immunotherapies for cancer and immune disorders. The Company’s cell therapy pipeline consists of immuno-oncology programs, including cancer immunotherapies derived from engineered induced pluripotent cells, and immuno-regulatory programs, including hematopoietic cell immunotherapies for protecting the immune system of patients undergoing hematopoietic cell transplantation and for suppressing autoimmunity.
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