Fate Therapeutics Reports Quarterly Earnings Results

Fate Therapeutics (NASDAQ:FATE - Get Free Report) released its quarterly earnings results this Wednesday. The biopharmaceutical company announced an earnings per share (EPS) of ($0.31) for the quarter, which surpassed analysts' expectations of ($0.44) by $0.13, as reported by Zacks. The company has exhibited a concerning financial outlook, with a negative net margin of 1,325.43% and a negative return on equity of 45.88%.

Fate Therapeutics Stock Performance

Following the earnings announcement, shares of Fate Therapeutics traded down by 4.7%, closing at $0.91 on Wednesday. The trading volume reached 3,379,835 shares, exceeding the average volume of 2,582,718. Over the past year, the stock has fluctuated significantly, having a 52-week low of $0.89 and a high of $8.83. Fate Therapeutics holds a market capitalization of $103.09 million, with a price-to-earnings ratio of -0.55 and a beta of 2.02. The current 50-day moving average for the stock is $1.40, while the 200-day moving average stands at $2.41.

Insider Transactions

In recent developments, the Director of Fate Therapeutics, Redmile Group, LLC, purchased 397,964 shares of the company's stock on December 20th at an average price of $1.68 per share, totaling approximately $668,579.52. Following this purchase, the director's shareholding increased to 12,884,277 shares, valued around $21,645,585.36. This acquisition represents a 3.19% increase in the director's stake in the company. The transaction has been formally disclosed in a filing with the SEC.

Analyst Ratings Updates

Analysts have provided mixed ratings on Fate Therapeutics in light of the recent earnings report. Wedbush maintained a 'neutral' stance on the stock, with a target price of $5.00 per share. Meanwhile, Bank of America upgraded Fate Therapeutics from an 'underperform' rating to 'neutral'. Needham & Company LLC reaffirmed a 'hold' rating in their report. Additionally, StockNews.com elevated the stock from a 'sell' rating to a 'hold'. Currently, six analysts recommend holding the stock, while two suggest buying, leading to an average rating of 'Hold' and a consensus target price of $6.17 according to MarketBeat.com.

About Fate Therapeutics

Fate Therapeutics, Inc. is a clinical-stage biopharmaceutical firm focusing on developing programmed cellular immunotherapies aimed at treating cancer and immune disorders globally. Their portfolio includes notable product candidates like FT576 for multiple myeloma and FT522 for lymphoma and autoimmune diseases.

Earnings, Stocks, Biopharmaceutical