Fate Therapeutics (NASDAQ:FATE) Announces Earnings Results, Hits Estimates

Fate Therapeutics (NASDAQ:FATE) issued its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.25) EPS for the quarter, hitting the consensus estimate of ($0.25), FiscalAI reports. Fate Therapeutics had a negative net margin of 1,941.09% and a negative return on equity of 60.87%. The business had revenue of $2.08 million during the quarter, compared to analyst estimates of $1.94 million.

Fate Therapeutics Stock Performance

NASDAQ:FATE opened at $2.57 on Friday. The firm has a market cap of $299.56 million, a P/E ratio of -2.45 and a beta of 2.52. Fate Therapeutics has a fifty-two week low of $0.93 and a fifty-two week high of $3.23. The firm has a 50-day simple moving average of $2.50 and a two-hundred day simple moving average of $1.86.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FATE. Piper Sandler restated an “overweight” rating and issued a $8.00 target price (up from $6.00) on shares of Fate Therapeutics in a research note on Friday. Wedbush reaffirmed an “outperform” rating and issued a $7.00 target price on shares of Fate Therapeutics in a research report on Friday. Jefferies Financial Group set a $4.00 price target on shares of Fate Therapeutics in a research note on Tuesday, May 19th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fate Therapeutics in a research report on Friday, August 7th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Fate Therapeutics in a report on Monday, June 8th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $5.90.

Insider Activity

In other news, insider Cindy Tahl sold 25,590 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $1.88, for a total transaction of $48,109.20. Following the sale, the insider owned 628,155 shares in the company, valued at $1,180,931.40. This represents a 3.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 4.74% of the company’s stock.

Hedge Funds Weigh In On Fate Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Comerica Bank boosted its stake in Fate Therapeutics by 55,698.6% during the 1st quarter. Comerica Bank now owns 82,024 shares of the biopharmaceutical company’s stock valued at $65,000 after purchasing an additional 81,877 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Fate Therapeutics by 296.4% in the first quarter. AQR Capital Management LLC now owns 585,025 shares of the biopharmaceutical company’s stock worth $462,000 after purchasing an additional 437,423 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of Fate Therapeutics by 106.9% during the first quarter. Jane Street Group LLC now owns 63,691 shares of the biopharmaceutical company’s stock valued at $50,000 after purchasing an additional 32,911 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Fate Therapeutics by 7.0% during the second quarter. Geode Capital Management LLC now owns 2,429,167 shares of the biopharmaceutical company’s stock valued at $2,721,000 after buying an additional 159,558 shares during the last quarter. Finally, Invesco Ltd. boosted its position in shares of Fate Therapeutics by 19.6% during the second quarter. Invesco Ltd. now owns 255,372 shares of the biopharmaceutical company’s stock valued at $286,000 after buying an additional 41,869 shares during the last quarter. 97.54% of the stock is owned by institutional investors.

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.