Fate Therapeutics (FATE) PT Lowered to $45 at Morgan Stanley

Morgan Stanley analyst Michael Ulz lowered the price target on Fate Therapeutics (NASDAQ: FATE) to $45.00 (from $52.00) after management provided multiple incremental updates highlighting continued progress, most notably, an RMAT meeting (CMC and trial design) for FT516 expected mid-2022.

The analyst reiterated an Equalweight rating, stating "FT596 (hnCD16+IL15RF+CD19 CAR), Ph1 dose escalation/optimization continues, with patient enrollment ongoing in multiple cohorts, including 1) single-dose at 900M cells, 2) single-dose at 1.8B cells, and 3) multiple cycles at the 900M dose. Additionally, management expects to submit a clinical protocol for the R-CHOP combination study in front line patients without fly/cy conditioning to the FDA in 2Q22, with potential to begin dosing patients in 2H22.".

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