Why Fate Therapeutics Tumbled 23.9% in March
Shares of Fate Therapeutics (NASDAQ: FATE) dropped nearly 24% last month, according to data provided by S&P Global Market Intelligence. That was almost twice the fall of the S&P 500, which declined 12.5% in March due to the abrupt uncertainty ushered in by the coronavirus pandemic.
Investors can't be too surprised by the stock's fall. Fate Therapeutics is a development-stage company with no product revenue. What's more, shares had gained nearly 80% from September 2019 through February of this year on promising clinical data, albeit from early stage studies.
In other words, the pharma stock had plenty of fragile gains to give back, although it clawed its way back in early April on the heels of a lucrative partnership.
Source Fool.com
