Fate Therapeutics, Inc. (NASDAQ:FATE) Sees Large Drop in Short Interest

Fate Therapeutics, Inc. (NASDAQ:FATE - Get Free Report) saw a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 10,390,000 shares, a drop of 34.7% from the October 31st total of 15,900,000 shares. Based on an average daily trading volume, of 1,930,000 shares, the days-to-cover ratio is currently 5.4 days.

Fate Therapeutics Stock Performance

Shares of NASDAQ FATE remained flat at $3.17 during midday trading on Friday. The stock had a trading volume of 2,469,488 shares, compared to its average volume of 2,356,378. Fate Therapeutics has a 12 month low of $1.96 and a 12 month high of $8.83. The company's 50 day simple moving average is $2.87 and its two-hundred day simple moving average is $3.50. The company has a market cap of $361.03 million, a PE ratio of -2.05 and a beta of 1.88.

Fate Therapeutics (NASDAQ:FATE - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.02. The company had revenue of $3.07 million for the quarter, compared to the consensus estimate of $0.88 million. Fate Therapeutics had a negative return on equity of 45.88% and a negative net margin of 1,325.43%. As a group, research analysts anticipate that Fate Therapeutics will post -1.72 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FATE has been the subject of several research reports. Wedbush reissued a "neutral" rating and issued a $5.00 price target on shares of Fate Therapeutics in a report on Tuesday, November 12th. Needham & Company LLC restated a "hold" rating on shares of Fate Therapeutics in a research report on Tuesday, November 19th. HC Wainwright reissued a "neutral" rating and set a $5.00 price target on shares of Fate Therapeutics in a research note on Thursday, August 22nd. Finally, Bank of America raised shares of Fate Therapeutics from an "underperform" rating to a "neutral" rating in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Fate Therapeutics presently has a consensus rating of "Hold" and an average target price of $6.75.

Institutional Trading of Fate Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Ausdal Financial Partners Inc. acquired a new position in shares of Fate Therapeutics in the second quarter worth about $33,000. Dark Forest Capital Management LP acquired a new position in shares of Fate Therapeutics in the second quarter worth $63,000. DRW Securities LLC purchased a new stake in shares of Fate Therapeutics during the 2nd quarter worth $71,000. Castleview Partners LLC purchased a new stake in Fate Therapeutics in the third quarter valued at $73,000. Finally, Arizona State Retirement System purchased a new stake in shares of Fate Therapeutics in the second quarter valued at about $84,000. Institutional investors 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.