Fate Therapeutics (NASDAQ:FATE) Issues Earnings Results

Fate Therapeutics (NASDAQ:FATE) announced its earnings results on Wednesday. The biopharmaceutical company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.03, FiscalAI reports. The business had revenue of $1.30 million during the quarter, compared to the consensus estimate of $1.49 million. Fate Therapeutics had a negative net margin of 2,051.08% and a negative return on equity of 55.02%.

Fate Therapeutics Stock Down 6.0%

Shares of FATE traded down $0.13 during mid-day trading on Wednesday, hitting $2.12. 3,973,985 shares of the company traded hands, compared to its average volume of 1,909,483. Fate Therapeutics has a 1-year low of $0.91 and a 1-year high of $2.46. The company has a market capitalization of $246.05 million, a PE ratio of -1.84 and a beta of 2.13. The business has a 50 day moving average of $1.38 and a 200 day moving average of $1.24.

Analyst Ratings Changes

A number of equities analysts have commented on FATE shares. Weiss Ratings downgraded shares of Fate Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. HC Wainwright boosted their target price on shares of Fate Therapeutics from $5.00 to $7.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $4.50.

Hedge Funds Weigh In On Fate Therapeutics

Several hedge funds have recently modified their holdings of FATE. Russell Investments Group Ltd. increased its stake in shares of Fate Therapeutics by 73.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 28,676 shares of the biopharmaceutical company’s stock worth $36,000 after acquiring an additional 12,114 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Fate Therapeutics by 20.0% in the 3rd quarter. Bank of America Corp DE now owns 146,553 shares of the biopharmaceutical company’s stock worth $185,000 after acquiring an additional 24,423 shares during the last quarter. Bridgeway Capital Management LLC acquired a new stake in shares of Fate Therapeutics in the 2nd quarter worth $28,000. Commonwealth Equity Services LLC acquired a new stake in shares of Fate Therapeutics in the 4th quarter worth $26,000. Finally, Corient Private Wealth LLC acquired a new stake in shares of Fate Therapeutics in the 4th quarter worth $29,000. Institutional investors and hedge funds own 97.54% of the company’s stock.

Fate Therapeutics Company Profile

Fate Therapeutics, Inc is a clinical‐stage biopharmaceutical company focused on the development of first‐in‐class cellular immunotherapies for cancer and immune disorders. The company leverages its proprietary induced pluripotent stem cell (iPSC) platform to create off‐the‐shelf natural killer (NK) and T‐cell products designed to overcome limitations of donor‐derived approaches. Fate’s research aims to deliver therapies with consistent quality, increased potency and scalable manufacturing for broad patient access.

Central to Fate’s pipeline are multiple iPSC‐derived cell therapy candidates in active clinical development.