Fate Therapeutics (NASDAQ:FATE) Posts Earnings Results, Meets Expectations

Fate Therapeutics (NASDAQ:FATE) released its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.27) EPS for the quarter, meeting the consensus estimate of ($0.27), FiscalAI reports. Fate Therapeutics had a negative net margin of 2,187.11% and a negative return on equity of 51.28%. The firm had revenue of $1.37 million for the quarter, compared to analyst estimates of $1.20 million.

Fate Therapeutics Stock Performance

Shares of NASDAQ:FATE traded down $0.08 during trading on Friday, hitting $1.48. The company’s stock had a trading volume of 1,596,196 shares, compared to its average volume of 1,782,395. Fate Therapeutics has a fifty-two week low of $0.66 and a fifty-two week high of $1.94. The business has a 50 day moving average price of $1.16 and a two-hundred day moving average price of $1.16. The company has a market capitalization of $170.72 million, a PE ratio of -1.12 and a beta of 2.24.

Hedge Funds Weigh In On Fate Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Fate Therapeutics by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 8,798,491 shares of the biopharmaceutical company’s stock valued at $11,086,000 after purchasing an additional 31,727 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Fate Therapeutics by 7.0% during the second quarter. Geode Capital Management LLC now owns 2,429,167 shares of the biopharmaceutical company’s stock worth $2,721,000 after acquiring an additional 159,558 shares during the last quarter. Renaissance Technologies LLC increased its stake in Fate Therapeutics by 87.0% in the fourth quarter. Renaissance Technologies LLC now owns 2,360,881 shares of the biopharmaceutical company’s stock valued at $2,320,000 after purchasing an additional 1,098,366 shares during the period. AQR Capital Management LLC increased its position in Fate Therapeutics by 2.7% in the 4th quarter. AQR Capital Management LLC now owns 1,162,005 shares of the biopharmaceutical company’s stock valued at $1,142,000 after acquiring an additional 30,591 shares during the period. Finally, Millennium Management LLC raised its stake in shares of Fate Therapeutics by 9.6% during the third quarter. Millennium Management LLC now owns 963,871 shares of the biopharmaceutical company’s stock worth $1,214,000 after purchasing an additional 84,183 shares during the last quarter. 97.54% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FATE shares. Wall Street Zen cut Fate Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Cantor Fitzgerald reissued a “neutral” rating on shares of Fate Therapeutics in a research report on Tuesday, November 4th. Weiss Ratings restated a “sell (e+)” rating on shares of Fate Therapeutics in a report on Thursday, January 22nd. Finally, HC Wainwright raised shares of Fate Therapeutics from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a research note on Friday, October 31st. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $3.92.

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.