Fate Therapeutics (NASDAQ:FATE) Posts Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Fate Therapeutics (NASDAQ:FATE) announced its quarterly earnings data on Wednesday. The biopharmaceutical company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.13, Zacks reports. The firm had revenue of $1.86 million for the quarter, compared to analysts’ expectations of $1.57 million. Fate Therapeutics had a negative return on equity of 45.88% and a negative net margin of 1,325.43%.

Fate Therapeutics Price Performance

Shares of FATE stock opened at $0.90 on Thursday. Fate Therapeutics has a 12-month low of $0.89 and a 12-month high of $8.83. The firm has a market capitalization of $102.05 million, a price-to-earnings ratio of -0.55 and a beta of 2.02. The business has a 50 day simple moving average of $1.40 and a 200 day simple moving average of $2.41.

Insider Buying and Selling at Fate Therapeutics

In other Fate Therapeutics news, Director Redmile Group, Llc purchased 397,964 shares of the stock in a transaction dated Friday, December 20th. The shares were bought at an average cost of $1.68 per share, with a total value of $668,579.52. Following the completion of the acquisition, the director now owns 12,884,277 shares of the company’s stock, valued at approximately $21,645,585.36. This trade represents a 3.19 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on FATE. Bank of America raised shares of Fate Therapeutics from an “underperform” rating to a “neutral” rating in a report on Monday, November 18th. Wells Fargo & Company dropped their price objective on shares of Fate Therapeutics from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Thursday. Wedbush restated a “neutral” rating and issued a $5.00 target price on shares of Fate Therapeutics in a research note on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of Fate Therapeutics in a research report on Thursday. Finally, StockNews.com raised Fate Therapeutics from a “sell” rating to a “hold” rating in a report on Monday. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $5.86.

Fate Therapeutics Company Profile

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.