Fate Therapeutics (NASDAQ:FATE) Stock Crosses Below 200 Day Moving Average – Here’s Why

Shares of Fate Therapeutics, Inc. (NASDAQ:FATE) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.67 and traded as low as $2.51. Fate Therapeutics shares last traded at $2.55, with a volume of 1,207,521 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. HC Wainwright reissued a “neutral” rating and set a $5.00 target price on shares of Fate Therapeutics in a research report on Thursday, August 22nd. Needham & Company LLC reissued a “hold” rating on shares of Fate Therapeutics in a research note on Wednesday, August 14th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $6.90.

Fate Therapeutics Stock Performance

The company’s 50 day moving average is $3.27 and its 200 day moving average is $3.67. The stock has a market capitalization of $290.39 million, a price-to-earnings ratio of -1.49 and a beta of 1.88.

Fate Therapeutics (NASDAQ:FATE) last issued its quarterly earnings results on Tuesday, August 13th. The biopharmaceutical company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.47) by $0.14. The firm had revenue of $6.77 million for the quarter, compared to analyst estimates of $1.47 million. Fate Therapeutics had a negative return on equity of 44.09% and a negative net margin of 1,426.67%. On average, equities research analysts anticipate that Fate Therapeutics, Inc. will post -1.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Massachusetts Financial Services Co. MA boosted its stake in Fate Therapeutics by 3.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 167,055 shares of the biopharmaceutical company’s stock worth $548,000 after buying an additional 5,605 shares in the last quarter. Doheny Asset Management CA acquired a new stake in shares of Fate Therapeutics during the 2nd quarter valued at about $263,000. Ausdal Financial Partners Inc. bought a new stake in Fate Therapeutics in the second quarter valued at about $33,000. Exchange Traded Concepts LLC raised its position in Fate Therapeutics by 40.7% in the third quarter. Exchange Traded Concepts LLC now owns 42,289 shares of the biopharmaceutical company’s stock worth $148,000 after purchasing an additional 12,230 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Fate Therapeutics by 11.0% during the second quarter. Rhumbline Advisers now owns 160,001 shares of the biopharmaceutical company’s stock worth $525,000 after purchasing an additional 15,825 shares during the period. 97.54% of the stock is currently owned by institutional investors and hedge funds.

About Fate Therapeutics

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.