Fate Therapeutics downgraded on lack of catalysts at Cowen

Cowen analyst Tyler Van Buren downgraded Fate Therapeutics to Market Perform from Outperform without a price target. The analyst had been concerned about iNK durability for some time, but had hoped that would improve in subsequent cohorts with higher doses. That clearly is not the case as management discontinued these first generation programs, among others, Van Buren tells investors in a research note. He commends management for "making the tough decisions," but downgrades the shares "given the pipeline reset and lack of near-term catalysts."