Hot Pharma stock to watch: Fate Therapeutics Inc (NASDAQ: FATE)

Free $100 Forex No-Deposit Bonus

Fate Therapeutics Inc (NASDAQ: FATE) stock rose over 0.6% on 3rd March, 2020 (as of 10:51 am GMT-5; Source: Google finance) after the company posted better than expected results for the fourth quarter of FY 19. The company has generated cash, cash equivalents and investments as of December 31, 2019 of $260.9 million, compared to $201.0 million as of December 31, 2018. The increase was mainly due to $162.4 million in net cash proceeds received by the Company from its September 2019 public offering of common stock. The company intends to initiate clinical investigation of FT538 in combination with daratumumab for the treatment of multiple myeloma in the second half of 2020. Further, in 2020, the company strives to be the first group in the world to bring off-the-shelf iPS-derived CAR T-cell therapy to patients. FT819 is the company’s first off-the-shelf iPSC-derived CAR T-cell product candidate and is derived from a clonal master engineered iPSC line engineered with a novel 1XX CAR targeting CD19 inserted into the T-cell receptor alpha constant locus, and edited for complete elimination of T-cell receptor expression to mitigate any risk of graft-versus-host disease.

Moreover, in December, the Company had reported initial clinical data from the dose-escalation stage of the FT500 Phase 1 study for the treatment of advanced solid tumors as of a November 28, 2019 data cutoff (n=8 monotherapy; n=4 in combination with checkpoint inhibitor therapy).

Meanwhile, FATE in the fourth quarter of FY 19 has reported the adjusted loss per share of 15 cents, beating the analysts’ estimates for the adjusted loss per share of 13 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $2.80 million in the fourth quarter of FY 19, beating the analysts’ estimates for revenue by 52.12%. The revenue for the fourth quarter of 2019 was derived from the Company’s collaboration with Ono Pharmaceutical. The company’s Research and development expenses for the fourth quarter of 2019 has risen to $25.2 million, compared to $14.1 million for the same period last year. The increase in the R&D expenses was mainly on the back of an increase in employee compensation, including share-based compensation associated with the growth in headcount to support the advancement of the company’s product pipeline, internal and third-party expenses associated with the clinical development and manufacturer of the company’s product candidates, and expenses associated with the conduct of research activities, including under the company’s collaboration with Ono Pharmaceutical.

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.