The Vanguard Group, Inc. 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 28.24% to 9.94 million shares with purchase of 2.19 million shares. This fresh investment now brings its stake to 10.23% valued currently at $60.81 million. In addition, BlackRock Fund Advisors raised its holdings by 1.15 million to 7.16 million shares. And SSgA Funds Management, Inc. has lifted its position by 35.43% or 1.55 million shares – to 5.94 million shares.
With over 5.63 million Fate Therapeutics Inc. (FATE) shares trading Friday and a closing price of $4.88 on the day, the dollar volume was approximately $27.45 million. The shares have shown a negative half year performance of -82.73% and its price on 03/10/23 lost nearly -8.79%. Currently, there are 97.22M common shares owned by the public and among those 95.67M 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: 24 analysts who have offered their price forecasts for FATE have a consensus price objective of $8.27. 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 42.99% above its recent price level and a downside to the estimated low will see the stock lose -22.0% over that period. But an upside of 69.5% will see the stock hit the forecast high price target while median target price for the stock is $7.00.
Insiders at the company have transacted a total of 63 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 26 of these insider trades were purchases, accounting for 461,309 shares. Insider sales of the common stock occurred on 37 occasions, with total insider shares sold totaling 282,719 shares.
The top 3 mutual fund holders in Fate Therapeutics Inc. are BB Biotech AG, SPDR S&P Biotech ETF, and Vanguard Total Stock Market Index. BB Biotech AG owns 3.66 million shares of the company’s stock, all valued at over $22.39 million. The company sold 42800.0 shares recently to bring their total holdings to about 3.77% of the shares outstanding. SPDR S&P Biotech ETF sold 31950.0 shares to see its total holdings shrink to 3.59 million shares valued at over $21.97 million and representing 3.70% of the shares outstanding. Vanguard Total Stock Market Index now owns shares totaling to 2.64% of the shares outstanding.
Shares of Fate Therapeutics Inc. (NASDAQ: FATE) opened at $5.32, down -$0.03 from a prior closing price of $5.35. However, the script later moved the day high at 5.3500, down -8.79%. The company’s stock has a 5-day price change of -20.13% and -74.45% over the past three months. FATE shares are trading -51.64% year to date (YTD), with the 12-month market performance down to -86.22% lower. It has a 12-month low price of $4.02 and touched a high of $43.12 over the same period. FATE has an average intraday trading volume of 3.90 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 -19.53%, -25.56%, and -75.19% respectively.
Institutional ownership of Fate Therapeutics Inc. (NASDAQ: FATE) 97.22M shares outstanding. Mutual fund holders own 45.41%, while other institutional holders and individual stakeholders account for 60.72% and 21.58% respectively.
It has a market capitalization of $525.19M and a beta (3y monthly) value of 1.52. The earnings-per-share (ttm) stands at -$2.91. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.16% over the week and 7.00% over the month.
Analysts forecast that Fate Therapeutics Inc. (FATE) will achieve an EPS of -$0.86 for the current quarter, -$0.68 for the next quarter and -$2.09 for 2023. The lowest estimate earnings-per-share for the quarter is -$1.12 while analysts give the company a high EPS estimate of -$0.56. Comparatively, EPS for the current quarter was -$0.72 a year ago. Earnings per share for the fiscal year are expected to decrease by -29.90%, and 20.10% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 24 brokerage firm advisors rate Fate Therapeutics Inc. (FATE) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 15 of the 24 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the FATE, a number of firms have released research notes about the stock. H.C. Wainwright stated their Neutral rating for the stock in a research note on January 24, 2023, with the firm’s price target at $115-$7. Wedbush coverage for the Fate Therapeutics Inc. (FATE) stock in a research note released on January 06, 2023 offered a Neutral rating with a price target of $7. Truist was of a view on January 06, 2023 that the stock is Hold, while Stifel gave the stock Hold rating on January 06, 2023, issuing a price target of $107- $5.30. Piper Sandler on their part issued Neutral rating on January 06, 2023.
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