Wells Fargo analyst Jim Birchenough downgraded Fate Therapeutics to Market Perform from Outperform with a price target of $16, down from $24. Following the company's Q3 update, the analyst believes it development path makes assessment of efficacy more difficult and could extend and complicate timelines to approval. The decision to prioritize combination therapy trials for FT500, FT516 and FT596 before fully assessing monotherapy activity "may take away clearer nearer catalysts and make interpretation of relative benefit more difficult," Birchenough tells investors in a research note. In the near term, he does not expect Fate's monotherapy efforts to yield meaningful efficacy.