Fate Therapeutics (NASDAQ:FATE) Shares Gap Down to $6.76

Fate Therapeutics, Inc. (NASDAQ:FATE) gapped down before the market opened on Wednesday . The stock had previously closed at $6.76, but opened at $6.38. Fate Therapeutics shares last traded at $6.37, with a volume of 169,990 shares traded.

Analysts Set New Price Targets

FATE has been the subject of a number of recent analyst reports. BMO Capital Markets raised their price objective on Fate Therapeutics from $6.00 to $7.00 and gave the company a “market perform” rating in a research note on Tuesday, February 27th. Barclays raised their price target on shares of Fate Therapeutics from $6.00 to $10.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fate Therapeutics in a report on Thursday. Morgan Stanley raised their price objective on shares of Fate Therapeutics from $3.00 to $7.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 27th. Finally, Wedbush upped their target price on shares of Fate Therapeutics from $3.00 to $7.00 and gave the company a “neutral” rating in a research note on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Fate Therapeutics has an average rating of “Hold” and a consensus price target of $6.73.

Fate Therapeutics Trading Down 5.1 %

The firm has a 50-day moving average of $7.01 and a 200 day moving average of $4.35. The stock has a market capitalization of $590.48 million, a price-to-earnings ratio of -3.63 and a beta of 1.66.

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

Hedge Funds Weigh In On Fate Therapeutics

Several hedge funds have recently modified their holdings of FATE. Envestnet Asset Management Inc. boosted its stake in Fate Therapeutics by 20.0% during the first quarter. Envestnet Asset Management Inc. now owns 8,734 shares of the biopharmaceutical company’s stock valued at $339,000 after buying an additional 1,457 shares in the last quarter. Raymond James & Associates boosted its position in shares of Fate Therapeutics by 42.6% during the 1st quarter. Raymond James & Associates now owns 29,436 shares of the biopharmaceutical company’s stock valued at $1,141,000 after purchasing an additional 8,790 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Fate Therapeutics by 5.9% during the 1st quarter. HighTower Advisors LLC now owns 18,361 shares of the biopharmaceutical company’s stock valued at $714,000 after purchasing an additional 1,016 shares in the last quarter. Private Advisor Group LLC grew its stake in shares of Fate Therapeutics by 25.7% in the 1st quarter. Private Advisor Group LLC now owns 9,481 shares of the biopharmaceutical company’s stock worth $367,000 after purchasing an additional 1,938 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Fate Therapeutics by 17.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,737 shares of the biopharmaceutical company’s stock worth $260,000 after purchasing an additional 986 shares in the last quarter. 97.54% of the stock is currently owned by institutional investors and hedge funds.

Fate Therapeutics Company Profile

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.