Fate slumps as J&J deal termination spells "major blow" to pipeline

Fate Therapeutics

06/01/2023 12:42

** Shares of Fate Therapeutics Inc  FATE.O  slump 50% to
$5.50 premarket, among top decliners across U.S. exchanges
before the bell
    ** Johnson & Johnson  JNJ.N  terminates its cancer treatment
collaboration with FATE, the company discontinues development of
all collaboration products
    ** Stifel says the discontinuation and termination is a
major blow for FATE, downgrades stock to "hold" from "buy"
    ** Truist, Piper Sandler and BMO also downgrade the stock,
while several other brokerages cut their PT on FATE
    ** FATE shares down nearly 80% in the past 12 months
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))