Fate Therapeutics (NASDAQ:FATE) Announces Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Fate Therapeutics (NASDAQ:FATE) released its earnings results on Tuesday. The biopharmaceutical company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.47) by $0.14, Zacks reports. The firm had revenue of $6.77 million for the quarter, compared to analyst estimates of $1.47 million. Fate Therapeutics had a negative net margin of 2,933.79% and a negative return on equity of 46.49%.

Fate Therapeutics Price Performance

Shares of Fate Therapeutics stock traded up $0.10 during trading on Thursday, hitting $3.37. The company’s stock had a trading volume of 1,179,953 shares, compared to its average volume of 2,546,595. The stock has a market cap of $383.61 million, a price-to-earnings ratio of -1.78 and a beta of 1.90. Fate Therapeutics has a 52 week low of $1.63 and a 52 week high of $8.83. The stock has a 50-day moving average price of $3.92 and a two-hundred day moving average price of $5.12.

Analyst Upgrades and Downgrades

FATE has been the topic of a number of recent analyst reports. Canaccord Genuity Group decreased their price objective on shares of Fate Therapeutics from $11.00 to $9.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. StockNews.com downgraded Fate Therapeutics from a “hold” rating to a “sell” rating in a research report on Friday, May 10th. Piper Sandler raised Fate Therapeutics from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $4.00 to $6.00 in a research note on Monday, June 17th. HC Wainwright lowered their target price on Fate Therapeutics from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Thursday, May 16th. Finally, BMO Capital Markets reduced their price target on shares of Fate Therapeutics from $7.00 to $6.00 and set a “market perform” rating on the stock in a research note on Friday, May 10th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.75.

Fate Therapeutics Company Profile

Fate Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders worldwide. The company's chimeric antigen receptor (CAR)-targeted NK and T-cell product candidates include FT576 to treat multiple myeloma, and FT522, to treat lymphoma and autoimmune disorders.