Fate Therapeutics this morning announced an exclusive licensing agreement for intellectual property from the Gladstone Institutes to employ CRISPR gene editing to program induced pluripotent stem cells into cell therapies, Piper Jaffray analyst Edward Tenthoff tells investors in a research note. The analyst believes gene editing holds promise over the present method of using small molecules and biologics to drive iPSC differentiation. While several other players are using CRISPR to modify cellular therapies, Fate is the first to reprogram iPSC cells with CRISPR, Tenthoff writes. The analyst reiterates an Overweight rating on Fate Therapeutics with a $20 price target. The stock in afternoon trading is up 6c to $11.90.