H.C. Wainwright Reiterates Buy On Fate Therapeutics Following Meeting With Management
In a research report issued today, H.C. Wainwright analyst Reni Benjamin reiterated a Buy rating on Fate Therapeutics Inc (NASDAQ:FATE) with a $9 price target, following a meeting with some of the key members of Fate’s management team, in order to obtain an update of the progress at the firm.
Benjamin said, “As expected, the Phase 1/2 trial for PROHEMA is progressing on schedule, with the second safety interim analysis due in 4Q14. We were pleasantly surprised to learn of the company’s progress in the lysosomal storage disease arena, with the potential to begin a 12-patient, two-site Phase 1 study in the coming months (PROVIDE study). With a diverse pipeline of small molecule modulators of stem cells targeting hematological malignancies and orphan diseases, and a cash position of $46 MM (pro forma), we believe Fate Therapeutics represents an undervalued player with significant upside for the long-term investor.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Reni Benjamin has a total average return of -4.1% and a 30.2% success rate. Benjamin has a -5.8% average return when recommending FATE, and is ranked #3072 out of 3318 analysts.