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

Fate Therapeutics, Inc. (NASDAQ:FATE) was the recipient of a large 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.

Institutional Investors Weigh In On Fate Therapeutics

Institutional investors have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA increased its holdings in shares of 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 position in Fate Therapeutics during the second quarter worth about $263,000. Ausdal Financial Partners Inc. purchased a new position in Fate Therapeutics in the second quarter valued at about $33,000. Geode Capital Management LLC lifted its position in shares of Fate Therapeutics by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,258,246 shares of the biopharmaceutical company’s stock valued at $7,905,000 after acquiring an additional 10,863 shares during the period. Finally, Exchange Traded Concepts LLC boosted its stake in shares of 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.

Fate Therapeutics Price Performance

NASDAQ:FATE remained flat at $3.17 during mid-day trading on Friday. 2,469,488 shares of the company were exchanged, compared to its average volume of 3,882,583. The firm’s fifty day moving average price is $2.85 and its 200 day moving average price is $3.48. Fate Therapeutics has a 1 year low of $1.96 and a 1 year high of $8.83. The stock has a market cap of $361.03 million, a price-to-earnings ratio of -1.92 and a beta of 1.88.

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FATE. HC Wainwright reaffirmed a “neutral” rating and set a $5.00 price target on shares of Fate Therapeutics in a research report on Thursday, August 22nd. Needham & Company LLC restated a “hold” rating on shares of Fate Therapeutics in a research report on Tuesday, November 19th. Wedbush reiterated a “neutral” rating and set a $5.00 price target on shares of Fate Therapeutics in a research note on Tuesday, November 12th. Finally, Bank of America raised shares of Fate Therapeutics from an “underperform” rating to a “neutral” rating in a research report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $6.75.

Fate Therapeutics Company Profile

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.