Wedbush Reiterates “Outperform” Rating for Fate Therapeutics (NASDAQ:FATE)

Fate Therapeutics (NASDAQ:FATE)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a research note issued to investors on Tuesday, August 7th. They presently have a $19.00 price objective on the biopharmaceutical company’s stock. Wedbush’s price objective would indicate a potential upside of 47.40% from the company’s current price. Wedbush also issued estimates for Fate Therapeutics’ Q3 2018 earnings at ($0.27) EPS, Q4 2018 earnings at ($0.27) EPS, FY2018 earnings at ($1.17) EPS, FY2019 earnings at ($1.25) EPS, FY2020 earnings at ($0.70) EPS, FY2021 earnings at $0.86 EPS and FY2022 earnings at $1.44 EPS.

Several other equities research analysts have also recently issued reports on the stock. HC Wainwright restated a “hold” rating and issued a $12.00 target price on shares of Fate Therapeutics in a report on Tuesday, August 7th. Zacks Investment Research upgraded shares of Fate Therapeutics from a “sell” rating to a “hold” rating in a research report on Monday, August 6th. Citigroup began coverage on shares of Fate Therapeutics in a research report on Wednesday, August 1st. They issued a “buy” rating and a $20.00 price target on the stock. BidaskClub downgraded shares of Fate Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, July 27th. Finally, ValuEngine upgraded shares of Fate Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 2nd. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Fate Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $15.63.

Shares of NASDAQ:FATE traded up $0.39 during trading on Tuesday, reaching $12.89. 620,100 shares of the stock traded hands, compared to its average volume of 626,352. Fate Therapeutics has a 52-week low of $3.21 and a 52-week high of $14.45. The company has a quick ratio of 4.92, a current ratio of 4.92 and a debt-to-equity ratio of 0.25. The stock has a market cap of $659.19 million, a price-to-earnings ratio of -12.62 and a beta of 1.57.

Fate Therapeutics (NASDAQ:FATE) last posted its quarterly earnings results on Monday, August 6th. The biopharmaceutical company reported ($0.37) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.32) by ($0.05). Fate Therapeutics had a negative net margin of 1,387.53% and a negative return on equity of 95.07%. The firm had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $1.02 million. The company’s revenue for the quarter was up .0% compared to the same quarter last year. sell-side analysts anticipate that Fate Therapeutics will post -1.21 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its stake in shares of Fate Therapeutics by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 290,529 shares of the biopharmaceutical company’s stock worth $3,294,000 after purchasing an additional 13,839 shares during the period. Jane Street Group LLC purchased a new stake in Fate Therapeutics in the 2nd quarter valued at about $116,000. California Public Employees Retirement System purchased a new stake in Fate Therapeutics in the 2nd quarter valued at about $193,000. Millennium Management LLC purchased a new stake in Fate Therapeutics in the 2nd quarter valued at about $7,770,000. Finally, Vident Investment Advisory LLC purchased a new stake in Fate Therapeutics in the 2nd quarter valued at about $2,355,000. 80.62% of the stock is owned by hedge funds and other institutional investors.

About Fate Therapeutics

Fate Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders worldwide. Its immuno-oncology product candidates include FATE-NK100, a natural killer (NK) cell cancer immunotherapy that consists of adaptive memory NK cells; FT500 induced pluripotent stem cells (iPSC)-derived NK cell product candidate for the treatment of advanced solid tumors; FT516 engineered iPSC-derived NK cell product candidate for the treatment of hematologic/solid tumors; and FT819 engineered chimeric antigen receptor 19 iPSC-derived T-cell product candidate for hematologic/solid tumors.

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Analyst Recommendations for Fate Therapeutics (NASDAQ:FATE)

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