Piper Jaffray Companies Trims Fate Therapeutics (NASDAQ:FATE) Target Price to $28.00

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Fate Therapeutics (NASDAQ:FATE) had its price objective lowered by Piper Jaffray Companies from $30.00 to $28.00 in a research report sent to investors on Monday morning, BenzingaRatingsTable reports. Piper Jaffray Companies currently has an overweight rating on the biopharmaceutical company’s stock. Piper Jaffray Companies also issued estimates for Fate Therapeutics’ Q3 2019 earnings at ($0.36) EPS, Q4 2019 earnings at ($0.34) EPS, FY2019 earnings at ($1.36) EPS, Q1 2020 earnings at ($0.36) EPS, Q2 2020 earnings at ($0.38) EPS, Q3 2020 earnings at ($0.38) EPS, Q4 2020 earnings at ($0.42) EPS and FY2020 earnings at ($1.53) EPS.

Other analysts have also issued research reports about the company. CIBC began coverage on Fate Therapeutics in a research note on Friday, July 12th. They issued an outperform rating and a $27.00 target price on the stock. BMO Capital Markets set a $27.00 target price on Fate Therapeutics and gave the stock a buy rating in a research note on Wednesday, August 7th. BTIG Research began coverage on Fate Therapeutics in a research note on Friday, August 9th. They issued a buy rating and a $27.00 target price on the stock. Cantor Fitzgerald began coverage on Fate Therapeutics in a research note on Monday, July 22nd. They issued an overweight rating and a $32.00 target price on the stock. Finally, Roth Capital began coverage on Fate Therapeutics in a research note on Friday, June 7th. They set a neutral rating and a $20.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $24.87.

FATE stock opened at $17.62 on Monday. The company has a quick ratio of 5.61, a current ratio of 5.61 and a debt-to-equity ratio of 0.28. The business’s fifty day simple moving average is $18.22 and its two-hundred day simple moving average is $18.44. Fate Therapeutics has a twelve month low of $11.00 and a twelve month high of $22.82. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of -14.81 and a beta of 1.83.

Fate Therapeutics (NASDAQ:FATE) last released its earnings results on Tuesday, August 6th. The biopharmaceutical company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.04). Fate Therapeutics had a negative return on equity of 50.05% and a negative net margin of 934.70%. The business had revenue of $2.80 million during the quarter, compared to analysts’ expectations of $1.09 million. During the same quarter in the previous year, the business earned ($0.37) EPS. The business’s revenue for the quarter was up 180.0% on a year-over-year basis. Research analysts expect that Fate Therapeutics will post -1.44 EPS for the current year.

In related news, insider Daniel D. Shoemaker sold 12,500 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $20.21, for a total transaction of $252,625.00. Following the sale, the insider now owns 148,091 shares of the company’s stock, valued at $2,992,919.11. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Amir Nashat sold 71,166 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $22.52, for a total value of $1,602,658.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 395,141 shares of company stock worth $8,867,333. Insiders own 23.19% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Rhumbline Advisers boosted its position in Fate Therapeutics by 1.1% during the first quarter. Rhumbline Advisers now owns 80,220 shares of the biopharmaceutical company’s stock valued at $1,409,000 after purchasing an additional 841 shares in the last quarter. TD Asset Management Inc. boosted its position in Fate Therapeutics by 4.2% during the second quarter. TD Asset Management Inc. now owns 41,909 shares of the biopharmaceutical company’s stock valued at $851,000 after purchasing an additional 1,700 shares in the last quarter. Cubist Systematic Strategies LLC boosted its position in Fate Therapeutics by 72.9% during the second quarter. Cubist Systematic Strategies LLC now owns 4,948 shares of the biopharmaceutical company’s stock valued at $100,000 after purchasing an additional 2,086 shares in the last quarter. Swiss National Bank boosted its position in Fate Therapeutics by 2.2% during the second quarter. Swiss National Bank now owns 96,100 shares of the biopharmaceutical company’s stock valued at $1,951,000 after purchasing an additional 2,100 shares in the last quarter. Finally, Parametric Portfolio Associates LLC boosted its position in Fate Therapeutics by 19.1% during the second quarter. Parametric Portfolio Associates LLC now owns 17,263 shares of the biopharmaceutical company’s stock valued at $350,000 after purchasing an additional 2,763 shares in the last quarter. 96.59% of the stock is currently owned by institutional investors.

About Fate Therapeutics

Fate Therapeutics, Inc operates as a biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer and immune disorder. The firm programme cellular therapeutics for the treatment of life threatening diseases, hematologic malignancies, genetic disorders and diseases resulting from the dysregulation of the immune system.

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