Price T Rowe Associates Inc. MD Sells 1,841,850 Shares of Fate Therapeutics, Inc. (NASDAQ:FATE)

Posted by on Mar 14th, 2023

Price T Rowe Associates Inc. MD lowered its holdings in Fate Therapeutics, Inc. (NASDAQ:FATE – Get Rating) by 37.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,141,653 shares of the biopharmaceutical company’s stock after selling 1,841,850 shares during the period. Price T Rowe Associates Inc. MD owned approximately 3.23% of Fate Therapeutics worth $70,405,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Quantbot Technologies LP bought a new stake in Fate Therapeutics in the 3rd quarter valued at about $69,000. Kessler Investment Group LLC bought a new stake in Fate Therapeutics in the 3rd quarter valued at about $82,000. Great West Life Assurance Co. Can bought a new stake in Fate Therapeutics in the 3rd quarter valued at about $91,000. Royal Bank of Canada boosted its holdings in Fate Therapeutics by 13.8% in the 3rd quarter. Royal Bank of Canada now owns 4,575 shares of the biopharmaceutical company’s stock valued at $103,000 after purchasing an additional 556 shares during the period. Finally, Virtus ETF Advisers LLC boosted its holdings in Fate Therapeutics by 80.1% in the 2nd quarter. Virtus ETF Advisers LLC now owns 5,566 shares of the biopharmaceutical company’s stock valued at $138,000 after purchasing an additional 2,475 shares during the period.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Bank of America cut shares of Fate Therapeutics from a “buy” rating to an “underperform” rating in a research report on Friday, January 6th. Stifel Nicolaus cut shares of Fate Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, January 6th. HC Wainwright cut shares of Fate Therapeutics from a “buy” rating to a “neutral” rating and dropped their target price for the company from $115.00 to $7.00 in a research report on Tuesday, January 24th. Wedbush cut shares of Fate Therapeutics from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $42.00 to $7.00 in a research report on Friday, January 6th. Finally, Guggenheim cut shares of Fate Therapeutics from a “buy” rating to a “neutral” rating in a research report on Tuesday, January 3rd. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $24.69.

Insider Activity

In other news, Director John Mendlein acquired 88,048 shares of Fate Therapeutics stock in a transaction dated Wednesday, January 11th. The shares were bought at an average cost of $5.67 per share, with a total value of $499,232.16. Following the purchase, the director now owns 246,139 shares in the company, valued at approximately $1,395,608.13. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Edward J. Dulac III sold 7,331 shares of the stock in a transaction on Tuesday, January 10th. The shares were sold at an average price of $5.24, for a total transaction of $38,414.44. Following the transaction, the chief financial officer now directly owns 129,470 shares of the company’s stock, valued at $678,422.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John Mendlein bought 88,048 shares of the business’s stock in a transaction that occurred on Wednesday, January 11th. The shares were bought at an average cost of $5.67 per share, for a total transaction of $499,232.16. Following the completion of the purchase, the director now owns 246,139 shares of the company’s stock, valued at $1,395,608.13. The disclosure for this purchase can be found here. In the last three months, insiders have sold 75,708 shares of company stock valued at $396,710. 17.34% of the stock is currently owned by insiders.

Fate Therapeutics Stock Performance

Shares of NASDAQ FATE opened at $5.39 on Tuesday. Fate Therapeutics, Inc. has a 52-week low of $4.02 and a 52-week high of $43.12. The firm has a 50 day moving average price of $6.29 and a two-hundred day moving average price of $15.61. The stock has a market cap of $529.08 million, a P/E ratio of -1.79 and a beta of 1.53.

Fate Therapeutics (NASDAQ:FATE – Get Rating) last posted its quarterly earnings data on Tuesday, February 28th. The biopharmaceutical company reported ($0.58) EPS for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.28. Fate Therapeutics had a negative net margin of 292.55% and a negative return on equity of 50.86%. The company had revenue of $44.36 million for the quarter, compared to analyst estimates of $18.41 million. During the same period in the prior year, the firm posted ($0.72) EPS. The company’s quarterly revenue was up 159.9% on a year-over-year basis. Analysts predict that Fate Therapeutics, Inc. will post -2.14 earnings per share for the current fiscal year.

About Fate Therapeutics

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Fate Therapeutics, Inc engages in the development of programmed cellular immunotherapies for cancer and immune disorder. Its pipeline of products includes immuno-ocology candidates and immuno-regulation candidates. The company was founded by Philip Beachy, Sheng Ding, Rudolf Jaenisch, Randall T. Moon, Michael Rudnicki, David Scadden, Leonard Zon, Alexander Rives, Scott Wolchko, and John D.

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Institutional Ownership by Quarter for Fate Therapeutics (NASDAQ:FATE)

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