Fate Therapeutics, Inc. (FATE) Issues Earnings Results
Fate Therapeutics, Inc. (NASDAQ:FATE) issued its earnings results on Wednesday. The biopharmaceutical company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.01), Briefing.com reports. Fate Therapeutics had a negative net margin of 887.68% and a negative return on equity of 67.01%. The company had revenue of $1.03 million during the quarter, compared to analyst estimates of $0.95 million. The business’s quarterly revenue was up .0% compared to the same quarter last year.
In other news, General Counsel Cindy Tahl sold 8,091 shares of the company’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $3.85, for a total value of $31,150.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel D. Shoemaker sold 13,225 shares of the company’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $3.87, for a total transaction of $51,180.75. The disclosure for this sale can be found here. 10.88% of the stock is currently owned by corporate insiders.
A hedge fund recently bought a new stake in Fate Therapeutics stock. California State Teachers Retirement System purchased a new stake in shares of Fate Therapeutics, Inc. (NASDAQ:FATE) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 67,500 shares of the biopharmaceutical company’s stock, valued at approximately $219,000. California State Teachers Retirement System owned about 0.16% of Fate Therapeutics as of its most recent SEC filing. Institutional investors and hedge funds own 64.27% of the company’s stock.
FATE has been the topic of a number of research analyst reports. ValuEngine lowered shares of Fate Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, August 7th. Zacks Investment Research upgraded shares of Fate Therapeutics from a “hold” rating to a “buy” rating and set a $3.50 target price on the stock in a research report on Thursday, August 17th. Leerink Swann restated an “outperform” rating and issued a $7.00 target price on shares of Fate Therapeutics in a research report on Friday, September 8th. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Fate Therapeutics in a research report on Thursday, October 12th. Finally, BMO Capital Markets restated a “buy” rating and issued a $7.00 target price on shares of Fate Therapeutics in a research report on Thursday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $6.79.
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About Fate Therapeutics
Fate Therapeutics, Inc (Fate Therapeutics) is a clinical-stage biopharmaceutical company. The Company is engaged in development of programmed cellular immunotherapies for cancer and immune disorders. The Company’s cell therapy pipeline consists of immuno-oncology programs, including cancer immunotherapies derived from engineered induced pluripotent cells, and immuno-regulatory programs, including hematopoietic cell immunotherapies for protecting the immune system of patients undergoing hematopoietic cell transplantation and for suppressing autoimmunity.
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