Fate Therapeutics (NASDAQ:FATE) Issues Quarterly Earnings Results

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

Fate Therapeutics Price Performance

Shares of FATE traded down $0.01 during midday trading on Friday, reaching $1.83. The stock had a trading volume of 1,862,246 shares, compared to its average volume of 1,165,482. The company has a market capitalization of $219.87 million, a P/E ratio of -1.78 and a beta of 2.65. The firm’s 50 day moving average price is $2.24 and its 200-day moving average price is $1.97. Fate Therapeutics has a 52 week low of $0.95 and a 52 week high of $3.23.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FATE shares. Wall Street Zen lowered shares of Fate Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. Piper Sandler reissued an “overweight” rating and set a $8.00 target price (up from $6.00) on shares of Fate Therapeutics in a research note on Friday, August 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Fate Therapeutics in a research report on Wednesday. Wells Fargo & Company reduced their price target on shares of Fate Therapeutics from $3.50 to $3.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, Wedbush reaffirmed an “outperform” rating and issued a $7.00 price target on shares of Fate Therapeutics in a research note on Tuesday, October 27th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Fate Therapeutics 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.