Cantor Fitzgerald Comments on Fate Therapeutics, Inc.’s FY2023 Earnings (NASDAQ:FATE)

Fate Therapeutics, Inc. (NASDAQ:FATEGet Rating) – Equities researchers at Cantor Fitzgerald issued their FY2023 earnings per share estimates for shares of Fate Therapeutics in a report released on Monday, June 6th. Cantor Fitzgerald analyst L. Watsek forecasts that the biopharmaceutical company will post earnings of ($3.95) per share for the year. Cantor Fitzgerald currently has a “Overweight” rating on the stock.

Fate Therapeutics (NASDAQ:FATEGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The biopharmaceutical company reported ($0.68) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.08. The business had revenue of $18.40 million during the quarter, compared to analyst estimates of $9.01 million. Fate Therapeutics had a negative net margin of 368.76% and a negative return on equity of 34.89%. The firm’s revenue for the quarter was up 65.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.48) earnings per share.

FATE has been the subject of a number of other research reports. Truist Financial cut their price objective on shares of Fate Therapeutics from $125.00 to $75.00 in a research report on Wednesday, April 13th. StockNews.com raised shares of Fate Therapeutics to a “sell” rating in a research report on Thursday, March 24th. Wedbush increased their price target on shares of Fate Therapeutics from $74.00 to $77.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 1st. Piper Sandler dropped their price target on shares of Fate Therapeutics from $113.00 to $71.00 and set an “overweight” rating for the company in a research report on Monday, May 23rd. Finally, Robert W. Baird started coverage on shares of Fate Therapeutics in a research report on Thursday, June 2nd. They issued a “neutral” rating and a $28.00 price target for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, Fate Therapeutics presently has an average rating of “Buy” and an average price target of $80.36.

Shares of FATE opened at $24.29 on Wednesday. The company has a 50-day simple moving average of $29.76 and a 200-day simple moving average of $39.07. Fate Therapeutics has a 52 week low of $20.49 and a 52 week high of $97.43.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Eaton Vance Management grew its stake in shares of Fate Therapeutics by 99.6% during the third quarter. Eaton Vance Management now owns 545 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 272 shares during the last quarter. Lindbrook Capital LLC grew its stake in shares of Fate Therapeutics by 1,444.4% during the fourth quarter. Lindbrook Capital LLC now owns 556 shares of the biopharmaceutical company’s stock valued at $33,000 after purchasing an additional 520 shares during the last quarter. Concord Wealth Partners grew its stake in shares of Fate Therapeutics by 939.8% during the fourth quarter. Concord Wealth Partners now owns 915 shares of the biopharmaceutical company’s stock valued at $54,000 after purchasing an additional 827 shares during the last quarter. Compagnie Lombard Odier SCmA bought a new stake in shares of Fate Therapeutics during the first quarter valued at approximately $70,000. Finally, Canada Pension Plan Investment Board grew its stake in shares of Fate Therapeutics by 575.9% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,994 shares of the biopharmaceutical company’s stock valued at $117,000 after purchasing an additional 1,699 shares during the last quarter.

In other Fate Therapeutics news, Director John Mendlein sold 1,364 shares of the company’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $22.79, for a total transaction of $31,085.56. Following the sale, the director now directly owns 158,091 shares of the company’s stock, valued at $3,602,893.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO J Scott Wolchko sold 30,000 shares of the company’s stock in a transaction dated Thursday, April 21st. The stock was sold at an average price of $35.00, for a total transaction of $1,050,000.00. Following the sale, the chief executive officer now directly owns 431,546 shares in the company, valued at $15,104,110. The disclosure for this sale can be found here. Insiders have sold 91,988 shares of company stock worth $3,301,310 over the last ninety days. Insiders own 18.58% of the company’s stock.

About Fate Therapeutics (Get Rating)

Fate Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders worldwide. Its NK- and T-cell immuno-oncology programs under development include FT516 for the treatment of acute myeloid leukemia (AML) B-cell lymphoma, and advanced solid tumor; FT596 to treat B-cell lymphoma and chronic lymphocytic leukemia; FT538 to treat AML and multiple myeloma; FT576 to treat multiple myeloma; FT819 to treat hematologic malignancies and solid tumors; FT536 to treat solid tumors; and FT500 for the treatment of advanced solid tumors.

See Also

Earnings History and Estimates for Fate Therapeutics (NASDAQ:FATE)

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