FATE - Fate Therapeutics upgraded at Citi on valuation ahead of key catalysts

Ahead of its data presentations in two major medical meetings in 2021, Citi has upgraded Fate Therapeutics (NASDAQ:FATE) to Buy from Neutral, citing over a 30% decline in its share price during the year. Today, the biotech announced that the Society for Immunotherapy of Cancer (SITC) Communications Committee had selected an abstract that features preclinical data for its FT538 and FT573 programs for a presentation at SITC 2021 Annual Meeting press conference on Nov. 10. Last week, it announced that the 63rd American Society of Hematology (ASH) Annual Meeting –scheduled for next month – will feature presentations on the company’s induced pluripotent stem cell ((iPSC)) product platform. ASH event that will include “a comprehensive update of both the NK and T cell solid tumor franchises including data for FT500 and FT516” is the more critical catalyst, Citi analysts led by Yigal Nochomovitz argued. However, noting a modest timeline update in its model

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Fate Therapeutics upgraded at Citi on valuation ahead of key catalysts