Vetr Inc. Upgrades Kite Pharma Inc. (KITE) to Strong-Buy

Kite Pharma Inc. (NASDAQ:KITE) was upgraded by analysts at Vetr from a “buy” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $64.48 target price on the biopharmaceutical company’s stock. Vetr‘s target price would suggest a potential upside of 25.40% from the company’s previous close.

A number of other equities research analysts also recently weighed in on KITE. Jefferies Group reissued a “buy” rating and set a $72.00 target price on shares of Kite Pharma in a research report on Saturday, July 9th. Canaccord Genuity reissued a “buy” rating and set a $75.00 target price on shares of Kite Pharma in a research report on Wednesday, July 13th. Stifel Nicolaus reissued a “buy” rating and set a $74.00 target price on shares of Kite Pharma in a research report on Friday, September 30th. BTIG Research reissued a “neutral” rating on shares of Kite Pharma in a research report on Sunday, October 9th. Finally, Zacks Investment Research raised Kite Pharma from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research report on Tuesday, July 5th. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Kite Pharma currently has a consensus rating of “Buy” and an average target price of $73.03.

Analyst Recommendations for Kite Pharma (NASDAQ:KITE)

Shares of Kite Pharma (NASDAQ:KITE) opened at 51.42 on Wednesday. The firm’s 50-day moving average price is $56.62 and its 200-day moving average price is $52.36. Kite Pharma has a 52-week low of $38.41 and a 52-week high of $89.84. The stock’s market cap is $2.55 billion.

Kite Pharma (NASDAQ:KITE) last released its 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. Kite Pharma had a negative return on equity of 32.91% and a negative net margin of 873.86%. The business had revenue of $4.80 million for the quarter, compared to the consensus estimate of $4.86 million. During the same period last year, the business earned ($0.26) earnings per share. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities research analysts forecast that Kite Pharma will post ($5.87) earnings per share for the current fiscal year.

In other Kite Pharma news, EVP Helen Susan Kim sold 35,900 shares of Kite Pharma stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $60.27, for a total value of $2,163,693.00. Following the sale, the executive vice president now owns 42,500 shares of the company’s stock, valued at $2,561,475. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Jeffrey Wiezorek sold 1,500 shares of Kite Pharma stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $54.81, for a total transaction of $82,215.00. Following the completion of the sale, the senior vice president now directly owns 17,311 shares in the company, valued at approximately $948,815.91. The disclosure for this sale can be found here. Corporate insiders own 20.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the company. Strs Ohio bought a new stake in shares of Kite Pharma during the second quarter valued at approximately $120,000. Picton Mahoney Asset Management bought a new stake in shares of Kite Pharma during the second quarter valued at approximately $135,000. BNP Paribas Arbitrage SA raised its stake 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 in the last quarter. Howard Hughes Medical Institute raised its stake in shares of Kite Pharma by 11.3% in the second quarter. Howard Hughes Medical Institute now owns 3,431 shares of the biopharmaceutical company’s stock valued at $172,000 after buying an additional 348 shares in the last quarter. Finally, BlackRock Inc. raised its stake in shares of Kite Pharma by 91.9% in the second quarter. BlackRock Inc. now owns 4,022 shares of the biopharmaceutical company’s stock valued at $201,000 after buying an additional 1,926 shares in the last quarter. 75.28% of the stock is currently owned by institutional investors and hedge funds.

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.

5 Day Chart for NASDAQ:KITE

To view Vetr’s full report, visit Vetr’s official website.

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