Fate Therapeutics initiated with a Sell at Goldman Sachs

Goldman Sachs analyst Andrea Tan initiated coverage of Fate Therapeutics with a Sell rating and $10 price target. The company’s data to date are nascent, says the analyst, who is looking for clinical validation in order to understand differentiation in "crowded" therapeutic indications. If Fate were to prioritize programs with first-in-class or best-in-class potential, it would have a positive impact on cash management, which is key in a rising rate environment, Tan tells investors in a research note.