ExodusPoint Capital Management LP Trims Position in Fate Therapeutics, Inc. (NASDAQ:FATE)

Posted by Defense World Staff on Sep 7th, 2023

ExodusPoint Capital Management LP cut its holdings in shares of Fate Therapeutics, Inc. (NASDAQ:FATE – Free Report) by 60.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 97,235 shares of the biopharmaceutical company’s stock after selling 148,523 shares during the period. ExodusPoint Capital Management LP owned 0.10% of Fate Therapeutics worth $554,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Natixis bought a new stake in shares of Fate Therapeutics during the 4th quarter valued at about $29,000. CI Investments Inc. increased its stake in shares of Fate Therapeutics by 413.7% in the 4th quarter. CI Investments Inc. now owns 3,082 shares of the biopharmaceutical company’s stock worth $31,000 after acquiring an additional 2,482 shares in the last quarter. Coppell Advisory Solutions Corp. bought a new position in shares of Fate Therapeutics in the 4th quarter worth about $42,000. Royal Bank of Canada increased its stake in shares of Fate Therapeutics by 13.8% in the 3rd quarter. Royal Bank of Canada now owns 4,575 shares of the biopharmaceutical company’s stock worth $103,000 after acquiring an additional 556 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in shares of Fate Therapeutics in the 1st quarter worth about $180,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FATE. BMO Capital Markets dropped their price target on shares of Fate Therapeutics from $6.00 to $5.40 and set a “market perform” rating on the stock in a research note on Wednesday, August 9th. Barclays cut their price target on shares of Fate Therapeutics from $12.00 to $6.00 and set an “overweight” rating on the stock in a report on Thursday, August 10th. StockNews.com assumed coverage on shares of Fate Therapeutics in a report on Thursday, August 17th. They issued a “hold” rating for the company. Morgan Stanley lowered their price objective on Fate Therapeutics from $8.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 10th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $7.00 price objective on shares of Fate Therapeutics in a research report on Wednesday, August 16th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fate Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $12.96.

Get Our Latest Stock Report on Fate Therapeutics

Fate Therapeutics Trading Down 4.1 %

FATE opened at $2.60 on Thursday. Fate Therapeutics, Inc. has a 1-year low of $2.49 and a 1-year high of $29.42. The company has a market capitalization of $256.26 million, a PE ratio of -1.20 and a beta of 1.47. The firm’s 50 day simple moving average is $3.74 and its two-hundred day simple moving average is $4.94.

Fate Therapeutics (NASDAQ:FATE – Get Free Report) last released its quarterly earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.54) earnings per share for the quarter, topping the consensus estimate of ($0.58) by $0.04. The business had revenue of $0.93 million for the quarter, compared to the consensus estimate of $5.41 million. Fate Therapeutics had a negative net margin of 177.41% and a negative return on equity of 44.14%. The company’s quarterly revenue was down 95.0% on a year-over-year basis. During the same period last year, the firm earned ($0.79) earnings per share. Equities analysts forecast that Fate Therapeutics, Inc. will post -1.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Edward J. Dulac III sold 5,182 shares of the stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $4.83, for a total value of $25,029.06. Following the completion of the sale, the chief financial officer now directly owns 124,288 shares of the company’s stock, valued at $600,311.04. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 17,846 shares of company stock worth $78,660 over the last quarter. 5.04% of the stock is currently owned by corporate insiders.

Fate Therapeutics Profile

(Free Report)

Fate Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders worldwide. Its chimeric antigen receptor (CAR)-targeted NK and T-cell product candidates include FT576 to treat multiple myeloma and FT522, to treat lymphoma and autoimmune disorders; and CAR T-cell programs include FT819 to treat hematologic malignancies and solid tumors, and FT825 to treat solid tumors.