Monaco Asset Management Increases Stake in Fate Therapeutics by Over 250%
Monaco Asset Management SAM has significantly increased its investment in Fate Therapeutics, Inc. (NASDAQ:FATE), raising its stake by an impressive 250.9% during the first quarter of 2024. According to a report by Holdings Channel, the firm now holds 1,149,708 shares of the biopharmaceutical company, having acquired an additional 822,037 shares during this period. By the end of the quarter, Monaco Asset Management’s holdings in Fate Therapeutics were valued at approximately $908,000.
Several other institutional investors have also adjusted their positions in Fate Therapeutics recently. American Century Companies Inc. increased its stake by 6.6% in the fourth quarter, acquiring 197,704 shares worth $326,000. LPL Financial LLC purchased a new stake valued at $121,000, while Franklin Resources Inc. raised its position by 9.6%, now owning 165,353 shares valued at $273,000. Furthermore, Wells Fargo & Company MN boosted its stake by 56.3%, holding 92,395 shares worth $152,000 after acquiring 33,284 shares. Russell Investments Group Ltd. also saw a growth of 42.9%, increasing its holdings to 89,823 shares valued at $148,000. Collectively, hedge funds and institutional investors now own 97.54% of the company’s stock.
Analysts have recently provided mixed assessments of Fate Therapeutics. Barclays reduced its price target from $10.00 to $2.00 while maintaining an “overweight” rating. Needham & Company LLC reiterated a “hold” rating, and Robert W. Baird lowered its target price from $5.00 to $4.00, indicating a “neutral” outlook. In a more critical assessment, Wall Street Zen downgraded the stock from “hold” to “sell.” Currently, one analyst rates the stock as a “sell,” seven as a “hold,” and one as a “buy.” According to data from MarketBeat, Fate Therapeutics has a consensus rating of “Hold” and an average target price of $3.83.
Fate Therapeutics’ stock performance has been relatively stable, opening at $1.17 on Wednesday. The biopharmaceutical company has a market capitalization of $134.08 million, a price-to-earnings ratio of -0.79, and a beta of 2.18. Over the past year, the stock has seen a low of $0.66 and a high of $5.75.
The company’s most recent earnings report, released on May 13, 2024, showed that Fate Therapeutics reported a loss of ($0.32) earnings per share (EPS), which was better than the consensus estimate of ($0.39). The company generated revenue of $1.63 million for the quarter, surpassing analysts’ expectations of $1.18 million. Despite this positive revenue performance, Fate Therapeutics recorded a negative return on equity of 47.17% and a staggering negative net margin of 1,318.93%. Analysts predict that Fate Therapeutics will post a projected EPS of ($1.63) for the current year.
Fate Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing programmed cellular immunotherapies for cancer and immune disorders globally. Its product candidates include FT576, aimed at treating multiple myeloma, and FT522, which targets lymphoma and autoimmune disorders.
For those interested in further details on institutional holdings and recent trades, information can be accessed at HoldingsChannel.com.
