Fate Therapeutics (FATE) PT Lowered to $5 at Stifel

Stifel analyst Benjamin Burnett lowered the price target on Fate Therapeutics (NASDAQ: FATE) to $5.00 (from $6.00) while maintaining a Hold rating.

The analyst comments "In its 2Q24 update, FATE reiterated that data for each of the three ongoing ph1 studies will be shared in 2H24, including FT819 (allogeneic, iPSC-derived CD19 CAR T), which could feature 3-5 SLE patients. We are becoming more constructive on allogeneic CAR T in autoimmune disease following academic data featuring BRL Medicine’s TyU19 in Myositis and Systemic Sclerosis. TyU19 was modified with persistence edits that may have delayed allorejection (HLA-A/B, CIITA), though we’re not exactly sure how critical these edits are to achieving efficacy with an allogeneic CAR T in AID. Initial FT819 data could shed light on whether persistence edits are needed (note that FT522 contains ADR technology), or if instead sufficient B cell depletion for SLE can be achieved simply within the timeframe afforded by lymphodepletion. Until we get more clarity here, we stay on the sidelines. Updating our model for the quarter moves our TP to $5/share."

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