Fate Therapeutics (NASDAQ:FATE) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• Fate Therapeutics reported quarterly earnings of ($0.29) per share, surpassing analysts' expectations of ($0.34) by $0.05.
• The company's stock price is currently around $0.94, with significant trading volume of 963,447 shares, despite a twelve-month high of $4.20.
• A majority of analysts maintain a "hold" rating on Fate Therapeutics, with a revised average price target of $3.83.

Fate Therapeutics (NASDAQ:FATE - Get Free Report) announced its earnings results on Tuesday. The biopharmaceutical company reported ($0.29) earnings per share for the quarter, beating analysts' consensus estimates of ($0.35) by $0.06, Zacks reports. The business had revenue of $1.91 million during the quarter, compared to analyst estimates of $1.16 million. Fate Therapeutics had a negative net margin of 2,025.05% and a negative return on equity of 50.95%.

Fate Therapeutics Price Performance

Shares of Fate Therapeutics stock traded up $0.02 on Friday, hitting $1.09. The company had a trading volume of 1,665,729 shares, compared to its average volume of 1,594,353. The stock has a 50-day moving average of $1.16 and a 200-day moving average of $1.14. Fate Therapeutics has a twelve month low of $0.66 and a twelve month high of $4.20. The firm has a market capitalization of $125.71 million, a P/E ratio of -0.75 and a beta of 2.24.

Institutional Trading of Fate Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bridgeway Capital Management LLC purchased a new stake in Fate Therapeutics in the second quarter worth $28,000. Jane Street Group LLC grew its position in Fate Therapeutics by 106.9% in the 1st quarter. Jane Street Group LLC now owns 63,691 shares of the biopharmaceutical company's stock valued at $50,000 after acquiring an additional 32,911 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Fate Therapeutics by 19.6% during the 2nd quarter. Invesco Ltd. now owns 255,372 shares of the biopharmaceutical company's stock worth $286,000 after purchasing an additional 41,869 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Fate Therapeutics in the second quarter worth about $56,000. Finally, Sei Investments Co. purchased a new position in Fate Therapeutics during the second quarter valued at approximately $76,000. Institutional investors own 97.54% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on FATE shares. Needham & Company LLC reiterated a "hold" rating on shares of Fate Therapeutics in a report on Thursday, June 12th. Robert W. Baird lowered their target price on shares of Fate Therapeutics from $5.00 to $4.00 and set a "neutral" rating for the company in a research note on Wednesday, May 14th. Wells Fargo & Company cut their price objective on Fate Therapeutics from $4.00 to $2.50 and set an "equal weight" rating on the stock in a report on Wednesday. Wall Street Zen cut Fate Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, August 10th. Finally, Barclays lowered their price objective on Fate Therapeutics from $10.00 to $2.00 and set an "overweight" rating for the company in a research report on Wednesday, May 14th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $3.58.

About Fate Therapeutics

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.