Fate Therapeutics (NASDAQ:FATE) Releases Earnings Results, Beats Estimates By $0.13 EPS

Fate Therapeutics (NASDAQ:FATE) posted its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.13, Zacks reports. The business had revenue of $1.86 million during the quarter, compared to analyst estimates of $1.57 million. Fate Therapeutics had a negative net margin of 1,325.43% and a negative return on equity of 45.88%.

Fate Therapeutics Stock Performance

Shares of FATE opened at $1.04 on Friday. The stock’s fifty day moving average is $1.39 and its 200-day moving average is $2.40. The firm has a market capitalization of $118.45 million, a price-to-earnings ratio of -0.63 and a beta of 2.02. Fate Therapeutics has a one year low of $0.88 and a one year high of $8.83.

Insiders Place Their Bets

In other news, Director Redmile Group, Llc acquired 397,964 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was purchased at an average price of $1.68 per share, with a total value of $668,579.52. Following the purchase, 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 position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on FATE. Wells Fargo & Company cut their target price on shares of Fate Therapeutics from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Thursday. StockNews.com raised Fate Therapeutics from a “sell” rating to a “hold” rating in a report on Monday. Needham & Company LLC restated a “hold” rating on shares of Fate Therapeutics in a research note on Thursday. Wedbush reiterated a “neutral” rating and issued a $5.00 target price on shares of Fate Therapeutics in a research note on Thursday. Finally, Bank of America raised shares of Fate Therapeutics from an “underperform” rating to a “neutral” rating in a report on Monday, November 18th. Eight 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, Fate Therapeutics has a consensus rating of “Hold” and an average target price of $5.50.

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.