Fate Therapeutics (NASDAQ:FATE) Upgraded by Bank of America to Neutral Rating

Fate Therapeutics (NASDAQ:FATE) was upgraded by research analysts at Bank of America from an “underperform” rating to a “neutral” rating in a report released on Monday,Briefing.com Automated Import reports.

Several other research analysts have also recently issued reports on the stock. Wedbush reaffirmed a “neutral” rating and issued a $5.00 target price on shares of Fate Therapeutics in a report on Tuesday, November 12th. HC Wainwright restated a “neutral” rating and set a $5.00 target price on shares of Fate Therapeutics in a research report on Thursday, August 22nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Fate Therapeutics in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $6.89.

Fate Therapeutics Stock Performance

NASDAQ:FATE traded up $0.25 during mid-day trading on Monday, reaching $2.27. The stock had a trading volume of 24,699,400 shares, compared to its average volume of 2,273,450. The firm has a 50 day moving average price of $3.11 and a two-hundred day moving average price of $3.58. The stock has a market capitalization of $258.54 million, a P/E ratio of -1.38 and a beta of 1.88. Fate Therapeutics has a one year low of $1.96 and a one year high of $8.83.

Fate Therapeutics (NASDAQ:FATE) last announced its earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.02. Fate Therapeutics had a negative net margin of 1,325.43% and a negative return on equity of 45.88%. The firm had revenue of $3.07 million for the quarter, compared to analyst estimates of $0.88 million. Research analysts forecast that Fate Therapeutics will post -1.72 earnings per share for the current year.

Institutional Investors Weigh In On Fate Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in FATE. Price T Rowe Associates Inc. MD raised its holdings in Fate Therapeutics by 404.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 274,289 shares of the biopharmaceutical company’s stock valued at $2,014,000 after buying an additional 219,932 shares during the period. Perceptive Advisors LLC acquired a new position in Fate Therapeutics in the second quarter valued at approximately $1,133,000. Vanguard Group Inc. boosted its holdings in Fate Therapeutics by 6.6% in the first quarter. Vanguard Group Inc. now owns 9,911,007 shares of the biopharmaceutical company’s stock valued at $72,747,000 after purchasing an additional 617,644 shares in the last quarter. Deerfield Management Company L.P. Series C boosted its holdings in shares of Fate Therapeutics by 62.3% in the second quarter. Deerfield Management Company L.P. Series C now owns 3,555,871 shares of the biopharmaceutical company’s stock valued at $11,663,000 after acquiring an additional 1,365,463 shares during the period. Finally, Integral Health Asset Management LLC boosted its holdings in shares of Fate Therapeutics by 325.0% in the second quarter. Integral Health Asset Management LLC now owns 850,000 shares of the biopharmaceutical company’s stock valued at $2,788,000 after acquiring an additional 650,000 shares during the period. Institutional investors and hedge funds own 97.54% of the company’s stock.

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.