Fate Therapeutics Up 5.36% To $2.46 After Earnings Beat

Fate Therapeutics Inc (FATE) reported better than expected earnings this afternoon for Q3 2023.

Fate Therapeutics's earnings came in at an EPS loss of $0.46 per share, 19.00% higher than estimates for an EPS loss of $0.57 per share. The firm's loss per share narrowed by 47% since reporting a loss of $0.86 per share a year ago.

Revenues were upbeat at $1.9 million. That represents a 87.02% decrease in revenues from the year-ago report and is 118.43% higher than consensus estimates set at $890 thousand.

The stock is up 5.36% to $2.46 after the report.

Fate Therapeutics's revenues declined at a faster pace than earnings.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Fate Therapeutics a Bullish Sentiment Rank from InvestorsObserver.

Fate Therapeutics has performed a little below average during the past few months. Before the report, Fate Therapeutics received a Long-Term Technical Rank by InvestorsObserver of 33, putting it in the bottom half of stocks. The firm was recently trading at a 52-week low of $1.63 on October 30, 2023 and set a 52-week high on November 15, 2022 at $23.96.

Fate Therapeutics Inc is a clinical-stage biopharmaceutical company based in the United States. It is engaged in the development of programmed cellular immunotherapies for cancer and immune disorders. The company's cell therapy pipeline is comprised of NK- and T-cell immuno-oncology programs, including off-the-shelf engineered product candidates derived from clonal master iPSC lines, and immuno-regulatory programs, including product candidates to prevent life-threatening complications in patients.