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

Fate Therapeutics

06/01/2023 18:05

(Updates)
    ** Shares of Fate Therapeutics Inc  FATE.O  slump 62.2%,
hitting over 5-year low at $4.20
    ** Stock top decliner across U.S. exchanges 
    ** Johnson & Johnson  JNJ.N  terminates its cancer treatment
collaboration with FATE and discontinues development of all
collaboration products
    ** Stifel says the discontinuation and termination are 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;))