BofA lowered the firm’s price target on Fate Therapeutics (FATE) to $2.50 from $3 and keeps a Neutral rating on the shares. The firm notes that positive data in a larger group of patients could provide a “strong upside opportunity” given the company is currently trading well below cash of about $2 per share, but it awaits additional clinical data before breaking out standalone program value as the company looks to differentiate itself in the highly competitive autoimmune cellular space.
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