Fate Therapeutics Inc. (FATE) shares were reported -3.30% lower in market trading on Tuesday. At $86.72 per share, the Company’s stock is currently down -4.63% year to date. Fate Therapeutics Inc. (FATE) has a market capitalization of $7.79 billion at this writing time. The average transaction volume for FATE has decreased over the past month by 63.62, which indicates that market participants have been more active in this stock in recent months. As the relationship between the 200-day and 20-day major moving averages indicates, Fate Therapeutics Inc. (FATE) has been in a rally mode. FATE shares have risen by 54.84% over the past 30 days. Over the trailing 12 months, the stock has gained by 337.76, lagging behind the rest of the market by 2191.45%. Besides, it has also trailed competitors and similar names by 890.98%.
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The Analysts Rating
Currently, FATE shares appear to be trading 2.75% below the average price target of Wall Street analysts, which is at $84.40. On average, Wall Street analysts rate their recommendation at 1.70, which is calculated on a scale of 1 to 5, with 1 representing a “Strong Buy” and 5 representing a “Strong Sell”.
This indicates analysts are optimistic about FATE’s future over the next year.
Fate Therapeutics Recent Announcement
Fate Therapeutics, Inc (NASDAQ: FATE), has reported the pricing of an underwritten public offering of 4,421,053 shares of its common stock for $85.50 per share per public offering. The Company has also confirmed the pricing of an underwritten public offer of pre-funded options in place of common stock to individual holders to buy 257,310 share units of its common stocks at $85,499 per pre-funded guarantee. That represents the public offering price per share of the common stock minus the $0.001 exercise price per share of each pre-funded warrant. This represents an aggregate offering of approximately $400 million.
Underwriters have been given a 30-day option to purchase up to 701,754 additional shares of Fate Therapeutics common stock. Fate Therapeutics’ total proceeds from the offering are expected to be about $376 million after deducting the underwriting discounts and commissions and other estimated expenses but excluding the exercise of the underwriters’ option.
Fate Therapeutics plans to use the sale’s net proceeds to support its product candidates’ clinical trials and non-clinical studies. And the manufacture of its applicants for clinical products, the extension of its cGMP-compliant manufacturing activities, including the design, commissioning and qualification of its new plant, the execution of pre-clinical research and development, and general corporate purposes. Fate Therapeutics is selling both securities of common stock and pre-funded options to be offered through the offering. Subject to standard closing terms, the offering is scheduled to close on or around 8 January 2021.