Kite Pharma Inc. (NASDAQ:KITE)‘s stock had its “buy” rating reiterated by stock analysts at Canaccord Genuity in a research report issued to clients and investors on Friday. They currently have a $75.00 price objective on the biopharmaceutical company’s stock. Canaccord Genuity’s price target would suggest a potential upside of 35.45% from the company’s current price.
The analysts wrote, “BeiGene presented updated clinical data for its BTK inhibitor BGB-3111 in patients with Waldenström’s Macroglobulinemia (WM) at the International Workshop on Waldenström’s Macroglobulinemia and Symposium on Advances in Multiple Myeloma (IWWM-9) in Amsterdam, the Netherlands.””
A number of other brokerages have also weighed in on KITE. Jefferies Group reaffirmed a “buy” rating and issued a $72.00 price target on shares of Kite Pharma in a research note on Tuesday, September 27th. BTIG Research began coverage on shares of Kite Pharma in a research note on Tuesday, August 30th. They set a “neutral” rating for the company. Mizuho reissued a “buy” rating and set a $80.00 target price on shares of Kite Pharma in a research note on Friday, July 22nd. Stifel Nicolaus set a $74.00 target price on shares of Kite Pharma and gave the company a “buy” rating in a research note on Thursday, October 6th. Finally, Zacks Investment Research raised shares of Kite Pharma from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research note on Tuesday, July 5th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $72.99.
Shares of Kite Pharma (NASDAQ:KITE) traded down 1.41% during trading on Friday, hitting $54.59. The company’s stock had a trading volume of 90,176 shares. The company’s market cap is $2.71 billion. Kite Pharma has a 52 week low of $38.41 and a 52 week high of $89.84. The firm’s 50 day moving average price is $57.04 and its 200-day moving average price is $52.37.
Kite Pharma (NASDAQ:KITE) last issued its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.91) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.21) by $0.30. The company earned $4.80 million during the quarter, compared to analyst estimates of $4.86 million. Kite Pharma had a negative net margin of 873.86% and a negative return on equity of 32.91%. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.26) EPS. On average, analysts predict that Kite Pharma will post ($5.87) earnings per share for the current year.
In other news, COO Cynthia M. Butitta sold 10,000 shares of the stock in a transaction on Monday, July 25th. The shares were sold at an average price of $50.94, for a total transaction of $509,400.00. Following the transaction, the chief operating officer now owns 105,401 shares in the company, valued at approximately $5,369,126.94. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Jeffrey Wiezorek sold 1,500 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $56.90, for a total transaction of $85,350.00. Following the transaction, the senior vice president now owns 16,367 shares in the company, valued at approximately $931,282.30. The disclosure for this sale can be found here. 20.60% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA raised its position in shares of Kite Pharma by 115.3% in the third quarter. BNP Paribas Arbitrage SA now owns 3,301 shares of the biopharmaceutical company’s stock valued at $184,000 after buying an additional 1,768 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Kite Pharma by 10.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 151,428 shares of the biopharmaceutical company’s stock valued at $7,572,000 after buying an additional 14,802 shares during the period. Amalgamated Bank acquired a new position in shares of Kite Pharma during the second quarter valued at approximately $243,000. Legal & General Group Plc raised its position in shares of Kite Pharma by 16.2% in the second quarter. Legal & General Group Plc now owns 9,023 shares of the biopharmaceutical company’s stock valued at $450,000 after buying an additional 1,261 shares during the period. Finally, GLG LLC acquired a new position in shares of Kite Pharma during the second quarter valued at approximately $1,250,000. Institutional investors own 75.28% of the company’s stock.
Kite Pharma Company Profile
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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