Chart of the Week — Fate Therapeutics (FATE)
Keep an eye on Fate Therapeutics (FATE).
After pulling back from $97 to $66.50, Fate Therapeutics has become severely oversold on RSI, MACD, and Williams’ %R. It’s also holding double bottom support dating back to early June 2020. From here, FATE could refill its bearish gap around $86, near-term. Despite recent negativity in company trials for blood cancer treatments, investors like Cathie Woods are buying the fear. In fact, her firm recently bought 240,000 shares.
In addition, other analysts are just as bullish.
As noted by TheFly.com, “Piper Sandler analyst Edward Tenthoff recommends using the selloff in Fate Therapeutics following the updated B-cell lymphoma data on 11 FT516 patients as a buying opportunity. The analyst sees “impressive” activity and notes that five of eight FT516 plus Rituxan responders reported at ASCO remain on therapy for 4.6-9.5 months. He reiterates an Overweight rating on Fate shares with a $113 price target.”
Weakness may be a great opportunity here.