BofA lowered the firm’s price target on Fate Therapeutics (FATE) to $2.50 from $3 and keeps a Neutral rating on the shares. The firm notes that positive data in a larger group of patients could provide a “strong upside opportunity” given the company is currently trading well below cash of about $2 per share, but it awaits additional clinical data before breaking out standalone program value as the company looks to differentiate itself in the highly competitive autoimmune cellular space.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FATE:
- Optimistic Outlook for Fate Therapeutics’ FT819 in Cell-Therapy Space Amid Promising Phase 1 Results
- Fate Therapeutics Inc. Faces Global Expansion Challenges Amid Political and Economic Uncertainties
- Cautious Optimism: Hold Rating for Fate Therapeutics Amid Early-Stage Progress and Market Uncertainties
- Hold Rating for Fate Therapeutics Amid Early-Stage Pipeline Uncertainty and Cautious Cash Position
- Fate Therapeutics price target lowered to $3 from $5 at Stifel