Redmile Group LLC recently announced the acquisition of new stake in Fate Therapeutics Inc. (NASDAQ:FATE). The institutional investor has increased its shareholding in the Healthcare company by 1.29% to 13.12 million shares with purchase of 0.17 million shares. This fresh investment now brings its stake to 13.32% valued currently at $32.94 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.85 million to 11.59 million shares. And BlackRock Fund Advisors has lifted its position by 7.24% or 0.56 million shares – to 8.23 million shares.
With over 7.45 million Fate Therapeutics Inc. (FATE) shares trading Monday and a closing price of $2.55 on the day, the dollar volume was approximately $19.0 million. The shares have shown a negative half year performance of -53.97% and its price on 09/18/23 gained nearly 15.91%. Currently, there are 98.40M common shares owned by the public and among those 97.14M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 21 analysts who have offered their price forecasts for FATE have a consensus price objective of $7.38. The analysts have set the share’s price value over the next 12 months at a high of $16.00 and a low of $4.00. The average price target is 65.73% above its recent price level and an upside to the estimated low will see the stock gain 36.25% over that period. But an upside of 84.06% will see the stock hit the forecast high price target while median target price for the stock is $6.00.
Insiders at the company have transacted a total of 20 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 7 of these insider trades were purchases, accounting for 597,407 shares. Insider sales of the common stock occurred on 13 occasions, with total insider shares sold totaling 107,329 shares.
The top 3 mutual fund holders in Fate Therapeutics Inc. are SPDR S&P Biotech ETF, BB Biotech AG, and Vanguard Total Stock Market ETF. SPDR S&P Biotech ETF owns 8.24 million shares of the company’s stock, all valued at over $20.69 million. The company bought an additional 0.12 million shares recently to bring their total holdings to about 8.37% of the shares outstanding. Vanguard Total Stock Market ETF now owns shares totaling to 2.60% of the shares outstanding.
Shares of Fate Therapeutics Inc. (NASDAQ: FATE) opened at $2.25, up $0.05 from a prior closing price of $2.20. The company’s stock has a 5-day price change of 4.51% and -54.30% over the past three months. FATE shares are trading -74.73% year to date (YTD), with the 12-month market performance down to -90.57% lower. It has a 12-month low price of $2.14 and touched a high of $26.42 over the same period. FATE has an average intraday trading volume of 2.41 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.14%, -26.05%, and -59.44% respectively.
Institutional ownership of Fate Therapeutics Inc. (NASDAQ: FATE) shares accounts for 116.30% of the company’s 98.40M shares outstanding. Mutual fund holders own 50.01%, while other institutional holders and individual stakeholders account for 57.91% and 21.42% respectively.
It has a market capitalization of $269.61M and a beta (3y monthly) value of 1.48. The earnings-per-share (ttm) stands at -$2.17. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.58% over the week and 7.56% over the month.
Analysts forecast that Fate Therapeutics Inc. (FATE) will achieve an EPS of -$0.56 for the current quarter, -$0.56 for the next quarter and -$2.09 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.76 while analysts give the company a high EPS estimate of -$0.37. Comparatively, EPS for the current quarter was -$0.86 a year ago. Earnings per share for the fiscal year are expected to decrease by -29.90%, and -12.40% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 21 brokerage firm advisors rate Fate Therapeutics Inc. (FATE) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 14 of the 21 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the FATE, a number of firms have released research notes about the stock. Wells Fargo stated their Equal Weight rating for the stock in a research note on March 27, 2023, with the firm’s price target at $6.
