Fate Therapeutics (NASDAQ:FATE) Posts Earnings Results, Meets Expectations

Fate Therapeutics (NASDAQ:FATE) issued its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.27) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.27), FiscalAI reports. The company had revenue of $1.37 million during the quarter, compared to the consensus estimate of $1.20 million. Fate Therapeutics had a negative return on equity of 52.17% and a negative net margin of 2,051.08%.

Fate Therapeutics Trading Down 5.1%

Shares of FATE stock opened at $1.48 on Friday. Fate Therapeutics has a 12-month low of $0.66 and a 12-month high of $1.94. The business’s fifty day simple moving average is $1.17 and its 200-day simple moving average is $1.16. The company has a market cap of $170.72 million, a PE ratio of -1.29 and a beta of 2.24.

Wall Street Analyst Weigh In

FATE has been the topic of a number of analyst reports. HC Wainwright raised shares of Fate Therapeutics from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a report on Friday, October 31st. Cantor Fitzgerald reissued a “neutral” rating on shares of Fate Therapeutics in a research note on Tuesday, November 4th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Fate Therapeutics in a research report on Thursday, January 22nd. Finally, Wall Street Zen cut shares of Fate Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $3.92.

Hedge Funds Weigh In On Fate Therapeutics

Several hedge funds have recently made changes to their positions in the company. Bridgeway Capital Management LLC acquired a new position in Fate Therapeutics in the 2nd quarter worth approximately $28,000. Commonwealth Equity Services LLC purchased a new position in Fate Therapeutics in the 4th quarter worth approximately $26,000. Russell Investments Group Ltd. boosted its holdings in shares of Fate Therapeutics by 73.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 28,676 shares of the biopharmaceutical company’s stock worth $36,000 after purchasing an additional 12,114 shares during the last quarter. Corient Private Wealth LLC acquired a new position in Fate Therapeutics during the fourth quarter worth $29,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Fate Therapeutics during the 4th quarter worth $35,000. 97.54% of the stock is owned by institutional investors and hedge funds.

About Fate Therapeutics

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.