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

Fate Therapeutics (NASDAQ:FATE) issued its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.35 million for the quarter, compared to analyst estimates of $1.14 million.

Fate Therapeutics Stock Down 0.8%

FATE traded down $0.01 during trading on Friday, reaching $1.83. The company’s stock had a trading volume of 1,862,246 shares, compared to its average volume of 1,165,482. The firm has a fifty day simple moving average of $2.24 and a two-hundred day simple moving average of $1.97. Fate Therapeutics has a 1 year low of $0.95 and a 1 year high of $3.23. The company has a market cap of $219.87 million, a price-to-earnings ratio of -1.78 and a beta of 2.65.

Analysts Set New Price Targets

FATE has been the subject of several recent research reports. Wells Fargo & Company reduced their price objective on Fate Therapeutics from $3.50 to $3.00 and set an “equal weight” rating for the company in a research note on Friday. Wedbush reaffirmed an “outperform” rating and set a $7.00 target price on shares of Fate Therapeutics in a research note on Tuesday, October 27th. Piper Sandler reaffirmed 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. Wall Street Zen lowered shares of Fate Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fate Therapeutics in a report on Wednesday. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.