Fate Therapeutics Stock Price Increases 37.8%: Why It Happened

By Amit Chowdhry ● December 8, 2020
  • The stock price of Fate Therapeutics Inc (NASDAQ: FATE) has increased by 37.8% (from $60.79 on December 6 to $83.77 on December 7). This is why.

The stock price of clinical-stage biopharmaceutical company Fate Therapeutics Inc (NASDAQ: FATE) has increased by 37.8% (from $60.79 on December 6 to $83.77 on December 7). The main reason why the stock price increased for Fate Therapeutics is due to positive news that the company reported over the weekend about its cancer immunotherapy candidates.

On Friday, Fate said that it saw positive interim data from an early-stage study of the experimental cancer immunotherapy FT516. And then on Saturday, Fate shared preclinical data at the 61st American Society of Hematology (ASH) Meeting and Exposition about a patient receiving the cancer immunotherapy FT596.

For FT516, the company said that a combination of FT516 with rituximab to treat relapsed and refractory B-cell lymphoma was effective in a phase 1 study. This therapy was well-tolerated and there were no adverse events (grade 3 or higher). And 3 out of 4 patients saw an objective response with tumor shrinkage. Two of the patients saw complete responses (full cancer remission).

At the ASH meeting, Fate presented a case about a 76-year-old female patient with diffuse large B-cell lymphoma (DLBCL). This patient previously received 7 other treatments. And after a single dose of FT596, the patient experienced some tumor shrinkage. And with a second dose, there was even more tumor shrinkage.

Disclosure: I have a small Fate position in my stock portfolio.