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

Fate Therapeutics (NASDAQ:FATE) posted its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.02, FiscalAI reports. The company had revenue of $1.35 million for the quarter, compared to the consensus estimate 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 Performance

NASDAQ:FATE traded down $0.01 during mid-day trading on Friday, hitting $1.83. The stock had a trading volume of 1,862,246 shares, compared to its average volume of 1,165,482. Fate Therapeutics has a twelve month low of $0.95 and a twelve month high of $3.23. The stock has a market cap of $219.87 million, a price-to-earnings ratio of -1.78 and a beta of 2.65. The company’s 50 day simple moving average is $2.24 and its 200 day simple moving average is $1.97.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on FATE shares. Wedbush restated an “outperform” rating and set a $7.00 price objective on shares of Fate Therapeutics in a research note on Tuesday, October 27th. Piper Sandler reaffirmed an “overweight” rating and issued a $8.00 target price (up from $6.00) on shares of Fate Therapeutics in a research report on Friday, August 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fate Therapeutics in a research report on Wednesday. Wall Street Zen lowered Fate Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Wells Fargo & Company reduced their price target on Fate Therapeutics from $3.50 to $3.00 and set an “equal weight” rating for the company in a research report on Friday. Four investment 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $5.80.

About Fate Therapeutics

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.