Fate Therapeutics (NASDAQ:FATE) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Fate Therapeutics (NASDAQ:FATE) released its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.02, Zacks reports. Fate Therapeutics had a negative return on equity of 50.95% and a negative net margin of 2,025.05%.The firm had revenue of $1.74 million during the quarter, compared to the consensus estimate of $1.63 million.

Fate Therapeutics Trading Down 0.2%

Shares of FATE traded down $0.00 during midday trading on Friday, hitting $0.99. 525,676 shares of the company’s stock traded hands, compared to its average volume of 2,078,335. The stock has a market capitalization of $114.18 million, a price-to-earnings ratio of -0.68 and a beta of 2.42. Fate Therapeutics has a 1 year low of $0.66 and a 1 year high of $3.50. The firm’s fifty day moving average is $1.23 and its 200-day moving average is $1.18.

Hedge Funds Weigh In On Fate Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bridgeway Capital Management LLC purchased a new stake in shares of Fate Therapeutics in the 2nd quarter valued at $28,000. Russell Investments Group Ltd. lifted its position in Fate Therapeutics by 73.1% during the third quarter. Russell Investments Group Ltd. now owns 28,676 shares of the biopharmaceutical company’s stock valued at $36,000 after purchasing an additional 12,114 shares during the period. Headlands Technologies LLC purchased a new stake in Fate Therapeutics in the second quarter valued at $56,000. Jane Street Group LLC raised its stake in shares of Fate Therapeutics by 106.9% during the 1st quarter. Jane Street Group LLC now owns 63,691 shares of the biopharmaceutical company’s stock valued at $50,000 after buying an additional 32,911 shares during the last quarter. Finally, Sei Investments Co. purchased a new position in shares of Fate Therapeutics during the 2nd quarter valued at about $76,000. Institutional investors and hedge funds own 97.54% of the company’s stock.

Analyst Upgrades and Downgrades

FATE has been the subject of several recent research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Fate Therapeutics in a report on Wednesday, October 8th. HC Wainwright raised shares of Fate Therapeutics from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a report on Friday, October 31st. Wall Street Zen downgraded shares of Fate Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Wells Fargo & Company dropped their target price on Fate Therapeutics from $4.00 to $2.50 and set an “equal weight” rating on the stock in a research report on Wednesday, August 13th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fate Therapeutics in a research report on Monday, October 27th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $3.92.

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.