Fate Therapeutics (NASDAQ:FATE) Stock Price Crosses Above 50-Day Moving Average – What’s Next?

Fate Therapeutics, Inc. (NASDAQ:FATE)’s stock price passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $2.20 and traded as high as $3.08. Fate Therapeutics shares last traded at $2.93, with a volume of 1,907,979 shares changing hands.

Wall Street Analyst Weigh In

FATE has been the topic of several analyst reports. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Fate Therapeutics in a research report on Monday, June 8th. Weiss Ratings upgraded Fate Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 13th. Finally, Jefferies Financial Group set a $4.00 target price on Fate Therapeutics in a report on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.12.

Fate Therapeutics Stock Performance

The company has a market cap of $341.52 million, a price-to-earnings ratio of -2.69 and a beta of 2.51. The company has a fifty day moving average of $2.20 and a two-hundred day moving average of $1.56.

Fate Therapeutics (NASDAQ:FATE) last issued its earnings results on Wednesday, May 13th. The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.03. Fate Therapeutics had a negative return on equity of 58.89% and a negative net margin of 2,056.79%.The business had revenue of $1.30 million during the quarter, compared to analysts’ expectations of $1.49 million. Equities analysts expect that Fate Therapeutics, Inc. will post -1.04 EPS for the current fiscal year.

Insider Activity

In related news, insider Cindy Tahl sold 25,590 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $1.88, for a total value of $48,109.20. Following the completion of the transaction, the insider owned 628,155 shares in the company, valued at $1,180,931.40. This trade represents a 3.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.74% of the stock is owned by corporate insiders.

Institutional Trading of Fate Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Commonwealth Equity Services LLC acquired a new position in Fate Therapeutics during the 4th quarter worth about $26,000. Bank of America Corp DE increased its stake in shares of Fate Therapeutics by 24.8% in the first quarter. Bank of America Corp DE now owns 188,564 shares of the biopharmaceutical company’s stock valued at $226,000 after buying an additional 37,457 shares during the period. Sei Investments Co. raised its position in shares of Fate Therapeutics by 104.9% during the first quarter. Sei Investments Co. now owns 138,580 shares of the biopharmaceutical company’s stock worth $166,000 after acquiring an additional 70,937 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Fate Therapeutics by 26.0% during the first quarter. Renaissance Technologies LLC now owns 2,974,683 shares of the biopharmaceutical company’s stock worth $3,570,000 after acquiring an additional 613,802 shares during the last quarter. Finally, Irenic Capital Management LP acquired a new position in shares of Fate Therapeutics in the first quarter worth approximately $1,054,000. 97.54% of the stock is currently owned by institutional investors and hedge funds.

About Fate Therapeutics

Fate Therapeutics, Inc is a clinical‐stage biopharmaceutical company focused on the development of first‐in‐class cellular immunotherapies for cancer and immune disorders. The company leverages its proprietary induced pluripotent stem cell (iPSC) platform to create off‐the‐shelf natural killer (NK) and T‐cell products designed to overcome limitations of donor‐derived approaches. Fate’s research aims to deliver therapies with consistent quality, increased potency and scalable manufacturing for broad patient access.

Central to Fate’s pipeline are multiple iPSC‐derived cell therapy candidates in active clinical development.