Piper Sandler raises Fate to 'overweight' on disease treatment progress

Fate Therapeutics

17/06/2024 12:16

** Shares of biopharma company Fate Therapeutics  FATE.O 
gain 10.25% to $3.98 premarket amid low trading volumes
    ** Piper Sandler raises co's recommendation to "overweight"
from "neutral" and PT to $6 from $4, citing progress in co's
transition from development of cancer treatment to autoimmune
disease therapies
    ** "Fate Therapeutics is focusing development of
iPSC-derived cell therapies in autoimmune diseases, with
promising early results from their Phase I study of FT819," says
brokerage
    ** Adds co is in a strong cash position with $391 mln as of
Q1 2024
    ** Among the 18 analysts covering FATE, 6 rate it "strong
buy" or "buy," 11 "hold" and 1 "sell" or "strong sell"

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))