Fate Therapeutics price target raised to $6 from $2 at BofA

BofA analyst Tazeen Ahmad raised the firm’s price target on Fate Therapeutics to $6 from $2 and keeps an Underperform rating on the shares. Fate management has added autoimmune disorders as a second focus beyond oncology, which has led to shares running up, but the firm notes that systemic lupus erythematosus, or SLE, is a “space is saturated, with multiple companies at similar stages of development,” so it takes a conservative near-term view on FT819 as it awaits clinical data to determine competitive positioning. The firm also continues to think that Fate’s iPSC platform has yet to be clinically validated, especially on the manufacturing front, the analyst added.