Fate Therapeutics (NASDAQ:FATE) Issues Earnings Results, Beats Expectations By $0.02 EPS

Fate Therapeutics (NASDAQ:FATE) issued its earnings results on Thursday. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.02, FiscalAI reports. The firm had revenue of $1.35 million during the quarter, compared to analysts’ expectations of $1.14 million. Fate Therapeutics had a negative net margin of 1,941.09% and a negative return on equity of 65.08%.

Fate Therapeutics Stock Down 0.8%

Shares of FATE traded down $0.01 during trading hours on Friday, reaching $1.83. The company’s stock had a trading volume of 1,862,246 shares, compared to its average volume of 1,165,482. The company has a 50 day moving average of $2.24 and a two-hundred day moving average of $1.97. The firm has a market cap of $219.87 million, a price-to-earnings ratio of -1.78 and a beta of 2.65. Fate Therapeutics has a 1-year low of $0.95 and a 1-year high of $3.23.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FATE. Wall Street Zen downgraded Fate Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. Wedbush reiterated an “outperform” rating and issued a $7.00 price target on shares of Fate Therapeutics in a research report on Tuesday, October 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fate Therapeutics in a research note on Wednesday. Piper Sandler reissued an “overweight” rating and issued a $8.00 price target (up from $6.00) on shares of Fate Therapeutics in a research note on Friday, August 14th. Finally, Wells Fargo & Company cut their price objective on Fate Therapeutics from $3.50 to $3.00 and set an “equal weight” rating on the stock in a report on Friday. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $5.80.

Fate Therapeutics Company Profile

Fate Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing cellular immunotherapies for cancer and autoimmune diseases. The company uses induced pluripotent stem cell (iPSC) technology to create standardized, potentially off-the-shelf immune cell products, including natural killer (NK) cells and T cells.

Its research and development activities include iPSC-derived cell therapies engineered to recognize and attack cancer cells. Fate’s pipeline has included candidates such as FT819, an iPSC-derived, CD19-targeted CAR T-cell therapy, along with other investigational NK-cell and T-cell programs.