What happened
Shares of Fate Therapeutics (FATE -1.81%) 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.
So what
The company focuses on cellular immunotherapies to treat cancers and immune disorders. Late last week, the stock received an upgrade from Mizuho (MFG -1.03%) 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.
Now what
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.
All of the revenue was from collaborations, with $52.3 million associated with the end of its collaboration with Janssen, a subsidiary of Johnson & Johnson, and $6.7 million from Fate Therapeutics' ongoing collaboration with Ono Pharmaceutical.
The biotech also reported a loss of $18.8 million, compared to a loss of $65.7 million in the same period last year. The company said it had $426 million in cash, enough to fund operations into the second half of 2025.
