Fate upgraded to Neutral at BofA after FT819 achieves DORIS remission

As previously reported, BofA analyst Tazeen Ahmad upgraded Fate Therapeutics (FATE) to Neutral from Underperform with an unchanged price target of $3 after a case study report for the first active lupus nephritis patient dosed with FT819 in the autoimmune phase 1 study demonstrated the ability to achieve DORIS clinical remission at six-months follow-up. While the firm thinks the update provides supporting evidence for the company’s pivot from oncology to autoimmune and justifies a rating change, it also thinks additional data is needed in more patients before making changes to its model, the analyst tells investors.