Q1 2024 EPS Estimates for Fate Therapeutics, Inc. Raised by Wedbush (NASDAQ:FATE)

Fate Therapeutics, Inc. (NASDAQ:FATE - Free Report) - Wedbush increased their Q1 2024 earnings estimates for shares of Fate Therapeutics in a report released on Monday, May 6th. Wedbush analyst D. Nierengarten now anticipates that the biopharmaceutical company will post earnings of ($0.42) per share for the quarter, up from their previous estimate of ($0.49). Wedbush has a "Neutral" rating and a $7.00 price objective on the stock. The consensus estimate for Fate Therapeutics' current full-year earnings is ($1.94) per share. Wedbush also issued estimates for Fate Therapeutics' Q2 2024 earnings at ($0.43) EPS, Q3 2024 earnings at ($0.45) EPS, FY2024 earnings at ($1.70) EPS, FY2025 earnings at ($1.47) EPS, FY2026 earnings at ($1.38) EPS and FY2027 earnings at ($1.32) EPS.

Several other research analysts have also weighed in on the company. BMO Capital Markets increased their target price on Fate Therapeutics from $6.00 to $7.00 and gave the stock a "market perform" rating in a research report on Tuesday, February 27th. Bank of America raised their price target on shares of Fate Therapeutics from $2.00 to $6.00 and gave the company an "underperform" rating in a report on Thursday, March 28th. HC Wainwright reissued a "neutral" rating and issued a $7.00 target price on shares of Fate Therapeutics in a research note on Tuesday, March 19th. Morgan Stanley upped their price target on shares of Fate Therapeutics from $3.00 to $7.00 and gave the stock an "equal weight" rating in a research report on Tuesday, February 27th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Fate Therapeutics in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Fate Therapeutics currently has a consensus rating of "Hold" and an average price target of $6.90.

Fate Therapeutics Price Performance

NASDAQ:FATE traded down $0.18 during trading hours on Wednesday, reaching $3.70. 2,150,223 shares of the company were exchanged, compared to its average volume of 2,801,080. The firm has a market cap of $421.12 million, a price-to-earnings ratio of -2.26 and a beta of 1.80. The stock has a 50 day simple moving average of $6.23 and a 200 day simple moving average of $4.71. Fate Therapeutics has a 52-week low of $1.63 and a 52-week high of $8.83.

Fate Therapeutics (NASDAQ:FATE - Get Free Report) last announced its quarterly earnings data on Monday, February 26th. The biopharmaceutical company reported ($0.45) earnings per share for the quarter, topping the consensus estimate of ($0.57) by $0.12. Fate Therapeutics had a negative net margin of 253.30% and a negative return on equity of 38.17%. The business had revenue of $1.68 million for the quarter, compared to analyst estimates of $0.85 million. During the same period in the prior year, the firm posted ($0.58) EPS.

Institutional Investors Weigh In On Fate Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC bought a new stake in shares of Fate Therapeutics in the third quarter worth $156,000. Brown Advisory Inc. lifted its position in shares of Fate Therapeutics by 53.3% during the third quarter. Brown Advisory Inc. now owns 19,364 shares of the biopharmaceutical company's stock worth $41,000 after purchasing an additional 6,735 shares during the last quarter. TD Asset Management Inc lifted its position in shares of Fate Therapeutics by 100.0% during the third quarter. TD Asset Management Inc now owns 141,652 shares of the biopharmaceutical company's stock worth $300,000 after purchasing an additional 70,826 shares during the last quarter. Panagora Asset Management Inc. grew its stake in Fate Therapeutics by 33.5% in the third quarter. Panagora Asset Management Inc. now owns 426,585 shares of the biopharmaceutical company's stock worth $904,000 after purchasing an additional 107,098 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Fate Therapeutics by 281.3% in the third quarter. Assenagon Asset Management S.A. now owns 380,737 shares of the biopharmaceutical company's stock worth $807,000 after purchasing an additional 280,895 shares in the last quarter. 97.54% of the stock is currently owned by hedge funds and other institutional investors.

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.