Wells Fargo & Company Issues Pessimistic Forecast for Fate Therapeutics (NASDAQ:FATE) Stock Price

Fate Therapeutics (NASDAQ:FATE) had its price objective dropped by Wells Fargo & Company from $3.50 to $3.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 63.49% from the company’s previous close.

Several other analysts have also commented on the company. Piper Sandler reiterated an “overweight” rating and set a $8.00 price objective (up from $6.00) on shares of Fate Therapeutics in a report on Friday, August 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fate Therapeutics in a research report on Wednesday. Finally, Wedbush restated an “outperform” rating and set a $7.00 target price on shares of Fate Therapeutics in a research note on Tuesday, October 27th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $5.80.

Fate Therapeutics Stock Down 0.8%

NASDAQ:FATE opened at $1.83 on Friday. Fate Therapeutics has a 52 week low of $0.95 and a 52 week high of $3.23. The firm has a 50 day moving average of $2.24 and a 200 day moving average of $1.97. The stock has a market capitalization of $219.87 million, a price-to-earnings ratio of -1.78 and a beta of 2.65.

Fate Therapeutics (NASDAQ:FATE) last announced its earnings results on Thursday, November 5th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.02. Fate Therapeutics had a negative net margin of 1,941.09% and a negative return on equity of 69.09%. The company had revenue of $1.35 million during the quarter, compared to the consensus estimate of $1.14 million. As a group, analysts expect that Fate Therapeutics will post -1.03 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. lifted its stake in Fate Therapeutics by 19.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 126,492 shares of the biopharmaceutical company’s stock valued at $300,000 after acquiring an additional 20,690 shares during the period. Jefferies Financial Group Inc. boosted its holdings in shares of Fate Therapeutics by 61.7% in the 3rd quarter. Jefferies Financial Group Inc. now owns 95,600 shares of the biopharmaceutical company’s stock valued at $227,000 after acquiring an additional 36,478 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Fate Therapeutics by 799.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,311,765 shares of the biopharmaceutical company’s stock valued at $3,109,000 after acquiring an additional 1,165,927 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Fate Therapeutics in the second quarter worth $415,000. Finally, Corient Private Wealth LP increased its stake in shares of Fate Therapeutics by 122.7% in the second quarter. Corient Private Wealth LP now owns 66,515 shares of the biopharmaceutical company’s stock worth $180,000 after acquiring an additional 36,650 shares during the period. 97.54% of the stock is currently owned by hedge funds and other institutional investors.

Fate Therapeutics Company Profile

Fate Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing cellular immunotherapies for cancer and autoimmune diseases. The company uses induced pluripotent stem cell (iPSC) technology to create standardized, potentially off-the-shelf immune cell products, including natural killer (NK) cells and T cells.

Its research and development activities include iPSC-derived cell therapies engineered to recognize and attack cancer cells. Fate’s pipeline has included candidates such as FT819, an iPSC-derived, CD19-targeted CAR T-cell therapy, along with other investigational NK-cell and T-cell programs.