MFG - Why Shares of Fate Therapeutics Soared This Week
2023-06-16 15:53:25 ET
Shares of Fate Therapeutics (NASDAQ: FATE) were up by 23.7% for the week as of Friday afternoon, after being as high as 30.8% for the week, according to data provided by S&P Global Market Intelligence . The clinical-stage biotech is still down more than 44% this year.
The company focuses on cellular immunotherapies to treat cancers and immune disorders. Late last week, the stock received an upgrade from Mizuho (NYSE: MFG) analyst Mara Goldstein, who maintained her buy rating with a price target of $12. The stock didn't really jump this week as much as bounce back from falling late last week after the company announced it was selling $175 million worth of stock.
The company's financials have improved significantly, with revenue increasing 980% over the past 11 quarters. In the first quarter, management said that it was restructuring its pipeline and that it had revenue of $59 million, up from $18.4 million in the same quarter a year ago.
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Why Shares of Fate Therapeutics Soared This Week