Wedbush Starts Fate Therapeutics (FATE) at Outperform

October 28, 2013 8:09 AM EDT
Get Alerts FATE Hot Sheet
Price: $3.05 --0%

Rating Summary:
    7 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 9
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Wedbush initiated coverage on Fate Therapeutics (NASDAQ: FATE) with an Outperform rating and a price target of $14.00. Analyst David M. Nierengarten has a positive view of the company's modified hematopoietic stem cells.

"These modified HSCs could improve outcomes in hematological cancers and lysosomal storage diseases (LSDs), where stem cell transplants are the only potentially curative therapy," said Nierengarten. "FATE's lead product candidate, ProHema, is comprised of ex vivo optimized HSCs derived from umbilical cord blood. A Phase Ib study of ProHema in patients undergoing stem cell transplants showed an improvement of 3 days in median engraftment time, relative to historical controls, and patients also experienced better outcomes in various secondary measures."

"The company has developed a new formulation of ProHema that appears, based on preclinical models, to be even more effective at improving homing and engraftment of transplanted stem cells. The improved ProHema formulation is expected to enter into a Phase II study in H1:14," he added.

For an analyst ratings summary and ratings history on Fate Therapeutics click here. For more ratings news on Fate Therapeutics click here.

Shares of Fate Therapeutics closed at $6.87 yesterday.

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