Short Interest in Fate Therapeutics, Inc. (NASDAQ:FATE) Drops By 34.7%

Fate Therapeutics, Inc. (NASDAQ:FATE) was the recipient of a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 10,390,000 shares, a decrease of 34.7% from the October 31st total of 15,900,000 shares. Based on an average daily volume of 1,930,000 shares, the days-to-cover ratio is currently 5.4 days.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FATE shares. HC Wainwright reiterated a “neutral” rating and issued a $5.00 target price on shares of Fate Therapeutics in a report on Thursday, August 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Fate Therapeutics in a report on Tuesday, November 19th. Bank of America upgraded Fate Therapeutics from an “underperform” rating to a “neutral” rating in a research report on Monday, November 18th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $5.00 price target on shares of Fate Therapeutics in a research note on Tuesday, November 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $6.75.

Fate Therapeutics Price Performance

Shares of FATE stock remained flat at $3.17 on Friday. The company had a trading volume of 2,469,488 shares, compared to its average volume of 3,882,583. The firm has a 50-day moving average of $2.85 and a 200 day moving average of $3.48. Fate Therapeutics has a 52-week low of $1.96 and a 52-week high of $8.83. The firm has a market capitalization of $361.03 million, a price-to-earnings ratio of -1.92 and a beta of 1.88.

Fate Therapeutics (NASDAQ:FATE) last issued its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.02. Fate Therapeutics had a negative net margin of 1,325.43% and a negative return on equity of 45.88%. The company had revenue of $3.07 million for the quarter, compared to analyst estimates of $0.88 million. Equities analysts forecast that Fate Therapeutics will post -1.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FATE. Massachusetts Financial Services Co. MA raised its position in Fate Therapeutics by 3.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 167,055 shares of the biopharmaceutical company’s stock valued at $548,000 after purchasing an additional 5,605 shares in the last quarter. Doheny Asset Management CA acquired a new stake in Fate Therapeutics in the second quarter valued at approximately $263,000. Ausdal Financial Partners Inc. acquired a new stake in Fate Therapeutics in the second quarter valued at approximately $33,000. Geode Capital Management LLC lifted its stake in Fate Therapeutics by 0.5% in the third quarter. Geode Capital Management LLC now owns 2,258,246 shares of the biopharmaceutical company’s stock worth $7,905,000 after acquiring an additional 10,863 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its holdings in Fate Therapeutics by 40.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 42,289 shares of the biopharmaceutical company’s stock worth $148,000 after acquiring an additional 12,230 shares in the last quarter. 97.54% of the stock is currently owned by hedge funds and other institutional investors.

About Fate Therapeutics

Fate Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders worldwide. The company's 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.