Fate Therapeutics (NASDAQ: FATE) Price Target Lowered to $71.00 at Piper Sandler

Fate Therapeutics (NASDAQ:FATE – Get Rating) had its price target lowered by analysts at Piper Sandler from $113.00 to $71.00 in a research report released on Monday, reports The Fly. Piper Sandler’s price target suggests a potential upside of 207.36% from the company’s previous close.

FATE has been the subject of several other research reports. Truist Financial lowered its price target on Fate Therapeutics from $125.00 to $75.00 in a Wednesday, April 13 research report. StockNews.com upgraded Fate Therapeutics to a “sell” rating in a Thursday, March 24 research note. Wedbush raised its price target on Fate Therapeutics from $74.00 to $77.00 and gave the company an “outperform” rating in a Tuesday, March 1 research note. Cantor Fitzgerald reiterated an “overweight” rating on Fate Therapeutics shares in a Friday, April 1 research note. Finally, HC Wainwright reduced its price target on Fate Therapeutics from $122.00 to $115.00 and set a “buy” rating for the company in a Friday, March 4 research note. One financial analyst gave the stock a sell rating, two gave the stock a hold rating and seven gave the stock a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $85.60.

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Shares of Fate Therapeutics opened at $23.10 on Monday. Fate Therapeutics has a 52-week minimum of $20.49 and a 52-week maximum of $97.43. The stock has a market capitalization of $2.23 billion, a price-earnings ratio of -9.51 and a beta of 1.69. The company’s 50-day moving average price is $33.20 and its 200-day moving average price is $41.82.

Fate Therapeutics (NASDAQ:FATE – Get Rating) last reported quarterly results on Wednesday, May 4. The biopharmaceutical company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.08. The company posted revenue of $18.40 million for the quarter, compared to $9.01 million expected by analysts. Fate Therapeutics had a negative net margin of 368.76% and a negative return on equity of 34.89%. The company’s revenue for the quarter increased by 65.2% compared to the same quarter last year. In the same quarter a year earlier, the company posted ($0.48) earnings per share. Analysts expect Fate Therapeutics to post earnings per share of -3.37 for the current year.

In other Fate Therapeutics news, General Counsel Cindy Tahl sold 25,000 shares of the company in a trade on Friday, April 1. The stock was sold at an average price of $38.85, for a total transaction of $971,250.00. Following the transaction, the General Counsel now owns 189,151 shares of the company, valued at $7,348,516.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. Additionally, insider Yu-Waye Chu sold 4,062 shares of Fate Therapeutics in a trade on Tuesday, April 19. The shares were sold at an average price of $35.37, for a total value of $143,672.94. Following the completion of the sale, the insider now owns 151,033 shares of the company, valued at approximately $5,342,037.21. The disclosure of this sale can be found here. Insiders sold 90,624 shares of the company worth $3,270,224 in the past ninety days. Company insiders own 18.58% of the company’s shares.

A number of institutional investors and hedge funds have recently increased or reduced their stakes in the stock. ARK Investment Management LLC increased its position in Fate Therapeutics shares by 6.6% during the 1st quarter. ARK Investment Management LLC now owns 10,988,182 shares of the biopharmaceutical company worth $426,012,000 after acquiring an additional 676,015 shares in the last quarter. BlackRock Inc. increased its stake in shares of Fate Therapeutics by 0.6% during the 1st quarter. BlackRock Inc. now owns 7,105,671 shares of the biopharmaceutical company worth $275,487,000 after buying an additional 45,119 shares last quarter. Capital World Investors increased its equity stake in Fate Therapeutics by 39.9% during the 1st quarter. Capital World Investors now owns 4,559,673 shares of the biopharmaceutical company worth $176,779,000 after buying an additional 1,300,640 shares last quarter. Bellevue Group AG increased its stake in shares of Fate Therapeutics by 16.6% during the 4th quarter. Bellevue Group AG now owns 3,775,736 shares of the biopharmaceutical company worth $220,918,000 after purchasing an additional 537,700 shares last quarter. Finally, State Street Corp increased its stake in Fate Therapeutics by 27.7% in the 1st quarter. State Street Corp now owns 3,472,432 shares of the biopharmaceutical company valued at $134,626,000 after buying an additional 753,639 shares last quarter.

About Fate Therapeutics (Get an assessment)

Fate Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders worldwide. Its NK and T cell immuno-oncology programs in development include FT516 for the treatment of acute myeloid leukemia (AML) B-cell lymphoma and advanced solid tumors; FT596 to treat B-cell lymphoma and chronic lymphocytic leukemia; FT538 to treat AML and multiple myeloma; FT576 to treat multiple myeloma; FT819 to treat hematological malignancies and solid tumors; FT536 to treat solid tumors; and FT500 for the treatment of advanced solid tumors.

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