Wells Fargo & Company Cuts Fate Therapeutics (NASDAQ:FATE) Price Target to $4.00

Fate Therapeutics (NASDAQ:FATE - Get Free Report) had its price target decreased by analysts at Wells Fargo & Company from $5.00 to $4.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "equal weight" rating on the biopharmaceutical company's stock. Wells Fargo & Company's target price suggests a potential upside of 331.59% from the company's current price.

A number of other equities analysts have also commented on the company. Bank of America raised Fate Therapeutics from an "underperform" rating to a "neutral" rating in a research note on Monday, November 18th. Needham & Company LLC reissued a "hold" rating on shares of Fate Therapeutics in a report on Thursday. StockNews.com upgraded shares of Fate Therapeutics from a "sell" rating to a "hold" rating in a research report on Monday, March 3rd. Finally, Wedbush reiterated a "neutral" rating and set a $5.00 price objective on shares of Fate Therapeutics in a research report on Thursday. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $5.50.

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Fate Therapeutics Stock Performance

FATE traded down $0.08 during trading on Thursday, reaching $0.93. 2,271,640 shares of the company traded hands, compared to its average volume of 2,565,236. The company has a market cap of $106.21 million, a P/E ratio of -0.56 and a beta of 2.26. Fate Therapeutics has a 12-month low of $0.88 and a 12-month high of $8.44. The firm has a fifty day simple moving average of $1.36 and a 200 day simple moving average of $2.35.

Fate Therapeutics (NASDAQ:FATE - Get Free Report) last posted its earnings results on Wednesday, March 5th. The biopharmaceutical company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.13. The company had revenue of $1.86 million during the quarter, compared to analysts' expectations of $1.57 million. Fate Therapeutics had a negative net margin of 1,325.43% and a negative return on equity of 45.88%. As a group, sell-side analysts expect that Fate Therapeutics will post -1.63 earnings per share for the current fiscal year.

Insider Transactions at Fate Therapeutics

In other news, Director Redmile Group, Llc purchased 397,964 shares of the business's stock in a transaction that occurred on Friday, December 20th. The shares were bought at an average cost of $1.68 per share, for a total transaction of $668,579.52. Following the acquisition, the director now owns 12,884,277 shares of the company's stock, valued at approximately $21,645,585.36. This trade represents a 3.19 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 5.00% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Graham Capital Management L.P. purchased a new stake in shares of Fate Therapeutics in the fourth quarter worth approximately $37,000. China Universal Asset Management Co. Ltd. bought a new position in Fate Therapeutics in the 4th quarter valued at $40,000. Brevan Howard Capital Management LP purchased a new stake in Fate Therapeutics in the fourth quarter worth $41,000. FPC Investment Advisory Inc. bought a new stake in shares of Fate Therapeutics during the fourth quarter worth $44,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Fate Therapeutics during the fourth quarter worth $55,000. Hedge funds and other 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.