Kite Pharma Inc. (NASDAQ:KITE) shares reached a new 52-week high on Tuesday after Barclays PLC raised their price target on the stock from $60.00 to $65.00. Barclays PLC currently has an equal weight rating on the stock. Kite Pharma traded as high as $6,174.99 and last traded at $59.68, with a volume of 4,286,509 shares traded. The stock had previously closed at $54.98.
The analysts wrote, “While we need to wait for clarity on durability, (doctors would like to see a med of ~9+ months), based on the Ph1 ZUMA patients, CRs at 3 months appear to be durable out to 9 months, which is encouraging. It will also be important to see CR rates in both chemo-refractory vs. relapse after stem cell transplant (SCT) (the prior being the higher hurdle), however in our view any differences, unless profound, would be unlikely to prevent approval in both patient settings,”
A number of other research analysts have also recently weighed in on KITE. Stifel Nicolaus reiterated a “buy” rating and issued a $74.00 target price on shares of Kite Pharma in a research note on Thursday, September 22nd. Jefferies Group reiterated a “buy” rating and issued a $72.00 target price on shares of Kite Pharma in a research note on Monday, September 19th. Vetr cut shares of Kite Pharma from a “strong-buy” rating to a “buy” rating and set a $63.91 target price on the stock. in a research note on Tuesday, September 13th. BTIG Research started coverage on shares of Kite Pharma in a research note on Tuesday, August 30th. They issued a “neutral” rating on the stock. Finally, Mizuho set a $80.00 target price on shares of Kite Pharma and gave the company a “buy” rating in a research note on Tuesday, August 9th. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Kite Pharma presently has a consensus rating of “Buy” and an average price target of $74.46.
In other news, SVP Jeffrey Wiezorek sold 1,500 shares of the stock in a transaction on Friday, July 1st. The shares were sold at an average price of $50.00, for a total value of $75,000.00. Following the transaction, the senior vice president now owns 16,367 shares of the company’s stock, valued at approximately $818,350. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Cynthia M. Butitta sold 10,000 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $58.28, for a total transaction of $582,800.00. The disclosure for this sale can be found here. 20.60% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the company. TIAA CREF Investment Management LLC raised its position in shares of Kite Pharma by 0.6% in the first quarter. TIAA CREF Investment Management LLC now owns 158,118 shares of the biopharmaceutical company’s stock worth $7,259,000 after buying an additional 865 shares during the last quarter. Teachers Advisors Inc. raised its position in shares of Kite Pharma by 7.4% in the first quarter. Teachers Advisors Inc. now owns 86,351 shares of the biopharmaceutical company’s stock worth $3,964,000 after buying an additional 5,946 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Kite Pharma by 0.7% in the first quarter. Franklin Resources Inc. now owns 402,444 shares of the biopharmaceutical company’s stock worth $18,476,000 after buying an additional 2,700 shares during the last quarter. BlackRock Group LTD raised its position in shares of Kite Pharma by 52.8% in the first quarter. BlackRock Group LTD now owns 29,816 shares of the biopharmaceutical company’s stock worth $1,370,000 after buying an additional 10,303 shares during the last quarter. Finally, BlackRock Fund Advisors raised its position in shares of Kite Pharma by 14.6% in the first quarter. BlackRock Fund Advisors now owns 1,508,215 shares of the biopharmaceutical company’s stock worth $69,242,000 after buying an additional 192,512 shares during the last quarter. 75.28% of the stock is currently owned by hedge funds and other institutional investors.
The company’s market cap is $2.98 billion. The company has a 50-day moving average price of $58.29 and a 200 day moving average price of $51.62.
Kite Pharma (NASDAQ:KITE) last posted its quarterly earnings data on Monday, August 8th. The biopharmaceutical company reported ($0.91) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($1.21) by $0.30. Kite Pharma had a negative net margin of 873.86% and a negative return on equity of 32.91%. The business had revenue of $4.80 million for the quarter, compared to analysts’ expectations of $4.86 million. During the same quarter in the previous year, the business posted ($0.26) earnings per share. The business’s revenue was up 9.1% compared to the same quarter last year. On average, equities research analysts expect that Kite Pharma Inc. will post ($5.82) earnings per share for the current fiscal year.
About Kite Pharma
Kite Pharma, Inc is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of cancer immunotherapy products to eradicate cancer cells. The Company offers engineered autologous cell therapy (eACT), which is an approach to the treatment of cancer. It is conducting over four pivotal studies of its lead product candidate, KTE-C19, a CAR-based therapy.
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