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

Fate Therapeutics (NASDAQ:FATE) announced its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.02, FiscalAI reports. Fate Therapeutics had a negative return on equity of 58.89% and a negative net margin of 2,056.79%.The business had revenue of $2.08 million during the quarter, compared to analyst estimates of $1.37 million.

Fate Therapeutics Price Performance

FATE traded down $0.20 on Thursday, hitting $2.52. The company had a trading volume of 2,352,542 shares, compared to its average volume of 2,665,952. The stock has a market cap of $293.73 million, a price-to-earnings ratio of -2.31 and a beta of 2.52. The company’s fifty day moving average price is $2.49 and its 200 day moving average price is $1.85. Fate Therapeutics has a 1-year low of $0.93 and a 1-year high of $3.23.

Insider Buying and Selling

In other news, insider Cindy Tahl sold 25,590 shares of Fate Therapeutics stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $1.88, for a total value of $48,109.20. Following the transaction, the insider owned 628,155 shares of the company’s stock, valued at $1,180,931.40. This trade represents a 3.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.74% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC increased its holdings in shares of Fate Therapeutics by 87.0% during the 4th quarter. Renaissance Technologies LLC now owns 2,360,881 shares of the biopharmaceutical company’s stock worth $2,320,000 after purchasing an additional 1,098,366 shares during the period. Two Sigma Investments LP lifted its stake in shares of Fate Therapeutics by 294.4% in the third quarter. Two Sigma Investments LP now owns 900,757 shares of the biopharmaceutical company’s stock valued at $1,135,000 after buying an additional 672,352 shares during the period. AQR Capital Management LLC grew its position in Fate Therapeutics by 296.4% during the first quarter. AQR Capital Management LLC now owns 585,025 shares of the biopharmaceutical company’s stock worth $462,000 after buying an additional 437,423 shares in the last quarter. Jane Street Group LLC grew its position in Fate Therapeutics by 631.4% during the second quarter. Jane Street Group LLC now owns 465,820 shares of the biopharmaceutical company’s stock worth $522,000 after buying an additional 402,129 shares in the last quarter. Finally, Man Group plc bought a new position in Fate Therapeutics during the third quarter valued at about $277,000. 97.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Jefferies Financial Group set a $4.00 target price on shares of Fate Therapeutics in a research note on Tuesday, May 19th. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Fate Therapeutics in a research note on Monday, June 8th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Fate Therapeutics in a report on Friday, August 7th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $6.00.

Fate Therapeutics Company Profile

Fate Therapeutics, Inc is a clinical‐stage biopharmaceutical company focused on the development of first‐in‐class cellular immunotherapies for cancer and immune disorders. The company leverages its proprietary induced pluripotent stem cell (iPSC) platform to create off‐the‐shelf natural killer (NK) and T‐cell products designed to overcome limitations of donor‐derived approaches. Fate’s research aims to deliver therapies with consistent quality, increased potency and scalable manufacturing for broad patient access.

Central to Fate’s pipeline are multiple iPSC‐derived cell therapy candidates in active clinical development.