Fate Therapeutics (NASDAQ:FATE) Trading Up 8.4%

Fate Therapeutics, Inc. (NASDAQ:FATE)’s share price traded up 8.4% during trading on Tuesday . The company traded as high as $4.56 and last traded at $4.54. 366,590 shares were traded during mid-day trading, a decline of 86% from the average session volume of 2,570,805 shares. The stock had previously closed at $4.19.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Wedbush reissued a “neutral” rating and set a $7.00 target price on shares of Fate Therapeutics in a report on Monday, May 6th. Canaccord Genuity Group lowered their target price on Fate Therapeutics from $11.00 to $9.00 and set a “buy” rating for the company in a report on Friday, May 10th. Piper Sandler raised Fate Therapeutics from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $4.00 to $6.00 in a report on Monday, June 17th. Needham & Company LLC reissued a “hold” rating on shares of Fate Therapeutics in a report on Thursday, April 11th. Finally, BMO Capital Markets dropped their price objective on shares of Fate Therapeutics from $7.00 to $6.00 and set a “market perform” rating on the stock in a report on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $6.75.

Fate Therapeutics Stock Performance

The firm has a 50 day moving average of $3.92 and a two-hundred day moving average of $5.17. The stock has a market cap of $488.33 million, a P/E ratio of -2.23 and a beta of 1.90.

Fate Therapeutics (NASDAQ:FATE) last released its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.47) EPS for the quarter, meeting the consensus estimate of ($0.47). The firm had revenue of $1.93 million during the quarter, compared to analysts’ expectations of $0.80 million. Fate Therapeutics had a negative net margin of 2,933.79% and a negative return on equity of 46.49%. During the same period in the prior year, the company earned ($0.19) EPS. On average, sell-side analysts anticipate that Fate Therapeutics, Inc. will post -1.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Fate Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC acquired a new position in shares of Fate Therapeutics in the 1st quarter worth approximately $1,109,000. Vestal Point Capital LP acquired a new position in Fate Therapeutics during the fourth quarter worth $4,825,000. Superstring Capital Management LP bought a new position in shares of Fate Therapeutics during the fourth quarter valued at $3,171,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Fate Therapeutics during the first quarter valued at $432,000. Finally, BNP Paribas Financial Markets boosted its stake in shares of Fate Therapeutics by 100.9% in the 1st quarter. BNP Paribas Financial Markets now owns 46,962 shares of the biopharmaceutical company’s stock valued at $345,000 after purchasing an additional 23,582 shares in the last quarter. 97.54% of the stock is owned by institutional investors.

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.