Wedbush upgrades Fate Therapeutics to Outperform, raises target to $7

As previously reported, Wedbush analyst Martin Fan upgraded Fate Therapeutics (FATE) to Outperform from Neutral with a price target of $7, up from $5. The firm sees promise for lead program FT819 with increasing evidence for durable response, high patient accessibility, and positive regulatory engagement. Based on updated results at ACR and an approaching pivotal trial in lupus, Wedbush is moving from the sidelines on Fate shares and now recommends them to investors. The firm sees upside into ASH and would be a buyer ahead of follow-up at ASH and further clinical/regulatory catalysts.