Fate Therapeutics (NASDAQ:FATE) Issues Quarterly Earnings Results

Fate Therapeutics (NASDAQ:FATE) announced its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.02, FiscalAI reports. The company had revenue of $2.08 million for the quarter, compared to analyst estimates of $1.37 million. Fate Therapeutics had a negative net margin of 2,056.79% and a negative return on equity of 58.89%.

Fate Therapeutics Trading Down 1.3%

Fate Therapeutics stock traded down $0.04 during trading hours on Thursday, reaching $2.69. 1,086,805 shares of the company were exchanged, compared to its average volume of 2,658,771. The firm has a market cap of $312.96 million, a price-to-earnings ratio of -2.45 and a beta of 2.52. The stock has a 50-day moving average of $2.49 and a 200 day moving average of $1.85. Fate Therapeutics has a 12 month low of $0.93 and a 12 month high of $3.23.

Insider Activity at Fate Therapeutics

In other news, insider Cindy Tahl sold 25,590 shares of Fate Therapeutics stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $1.88, for a total value of $48,109.20. Following the transaction, the insider owned 628,155 shares of the company’s stock, valued at $1,180,931.40. This trade represents a 3.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.74% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. increased its stake in shares of Fate Therapeutics by 73.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 28,676 shares of the biopharmaceutical company’s stock valued at $36,000 after acquiring an additional 12,114 shares during the last quarter. Bank of America Corp DE boosted its stake in Fate Therapeutics by 20.0% during the 3rd quarter. Bank of America Corp DE now owns 146,553 shares of the biopharmaceutical company’s stock worth $185,000 after acquiring an additional 24,423 shares during the last quarter. Bridgeway Capital Management LLC acquired a new position in Fate Therapeutics during the second quarter valued at approximately $28,000. Commonwealth Equity Services LLC acquired a new position in Fate Therapeutics during the fourth quarter valued at approximately $26,000. Finally, Corient Private Wealth LLC bought a new stake in Fate Therapeutics in the fourth quarter valued at approximately $29,000. 97.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fate Therapeutics in a research note on Friday, August 7th. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Fate Therapeutics in a research report on Monday, June 8th. Finally, Jefferies Financial Group set a $4.00 target price on Fate Therapeutics in a report on Tuesday, May 19th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Fate Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $6.00.

Fate Therapeutics Company Profile

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.