Franklin Resources Inc. Sells 79,042 Shares of Fate Therapeutics, Inc. (NASDAQ:FATE)

Franklin Resources Inc. trimmed its stake in Fate Therapeutics, Inc. (NASDAQ:FATE) by 34.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 150,821 shares of the biopharmaceutical company’s stock after selling 79,042 shares during the quarter. Franklin Resources Inc.’s holdings in Fate Therapeutics were worth $528,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Doheny Asset Management CA purchased a new position in shares of Fate Therapeutics in the 2nd quarter worth approximately $263,000. Ausdal Financial Partners Inc. acquired a new stake in Fate Therapeutics in the second quarter valued at approximately $33,000. Dark Forest Capital Management LP purchased a new position in Fate Therapeutics in the second quarter worth $63,000. Castleview Partners LLC acquired a new position in shares of Fate Therapeutics during the third quarter worth $73,000. Finally, DRW Securities LLC purchased a new stake in shares of Fate Therapeutics during the 2nd quarter valued at $71,000. 97.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Bank of America raised Fate Therapeutics from an “underperform” rating to a “neutral” rating in a research report on Monday, November 18th. Wedbush restated a “neutral” rating and set a $5.00 price target on shares of Fate Therapeutics in a research note on Tuesday, November 12th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Fate Therapeutics in a research report on Tuesday, November 19th. One 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. According to MarketBeat, Fate Therapeutics has an average rating of “Hold” and a consensus target price of $6.75.

Insiders Place Their Bets

In other news, Director Redmile Group, Llc acquired 397,964 shares of the business’s stock in a transaction on Friday, December 20th. The stock was bought at an average price of $1.68 per share, with a total value of $668,579.52. Following the completion of the acquisition, the director now owns 12,884,277 shares of the company’s stock, valued at approximately $21,645,585.36. This represents a 3.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 5.00% of the company’s stock.

Fate Therapeutics Stock Up 0.6 %

Fate Therapeutics stock opened at $1.62 on Tuesday. Fate Therapeutics, Inc. has a 52 week low of $1.55 and a 52 week high of $8.83. The stock has a 50-day moving average price of $2.38 and a 200 day moving average price of $3.25. The company has a market capitalization of $184.51 million, a price-to-earnings ratio of -0.98 and a beta of 1.95.

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

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.