Bank of America Upgrades Fate Therapeutics (NASDAQ:FATE) to Neutral

Bank of America upgraded shares of Fate Therapeutics (NASDAQ:FATE) from an underperform rating to a neutral rating in a report issued on Monday, Marketbeat.com reports.

FATE has been the subject of a number of other reports. HC Wainwright reissued a “neutral” rating and issued a $5.00 target price on shares of Fate Therapeutics in a research note on Thursday, August 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Fate Therapeutics in a report on Wednesday, November 13th. Finally, Wedbush reissued a “neutral” rating and set a $5.00 target price on shares of Fate Therapeutics in a research note on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Fate Therapeutics currently has an average rating of “Hold” and a consensus target price of $6.75.

Fate Therapeutics Price Performance

Shares of FATE stock opened at $2.22 on Monday. The stock has a 50-day moving average of $3.02 and a 200-day moving average of $3.55. Fate Therapeutics has a one year low of $1.96 and a one year high of $8.83. The stock has a market cap of $252.84 million, a PE ratio of -1.35 and a beta of 1.88.

Fate Therapeutics (NASDAQ:FATE) last posted its 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. Fate Therapeutics had a negative net margin of 1,325.43% and a negative return on equity of 45.88%. The company had revenue of $3.07 million for the quarter, compared to analyst estimates of $0.88 million. As a group, research analysts anticipate that Fate Therapeutics will post -1.72 earnings per share for the current year.

Hedge Funds Weigh In On Fate Therapeutics

Large investors have recently bought and sold shares of the company. Baker BROS. Advisors LP bought a new stake in Fate Therapeutics during the 1st quarter worth about $13,345,000. Deerfield Management Company L.P. Series C boosted its position in Fate Therapeutics by 62.3% during 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 purchasing an additional 1,365,463 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Fate Therapeutics by 100.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,130,280 shares of the biopharmaceutical company’s stock valued at $6,987,000 after purchasing an additional 1,067,101 shares in the last quarter. Integral Health Asset Management LLC increased its position in shares of Fate Therapeutics by 325.0% during the 2nd quarter. Integral Health Asset Management LLC now owns 850,000 shares of the biopharmaceutical company’s stock worth $2,788,000 after purchasing an additional 650,000 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Fate Therapeutics by 6.6% during the 1st quarter. Vanguard Group Inc. now owns 9,911,007 shares of the biopharmaceutical company’s stock worth $72,747,000 after purchasing an additional 617,644 shares in the last quarter. Institutional investors and hedge funds own 97.54% of the company’s stock.

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.