Kite Pharma Inc. (KITE) Trading Down 5.9% on Insider Selling
Kite Pharma Inc. (NASDAQ:KITE) shares were down 5.9% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $56.25 and last traded at $56.50, with a volume of 1,395,838 shares traded. The stock had previously closed at $60.04.
Specifically, COO Cynthia M. Butitta sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 26th. The stock was sold at an average price of $54.13, for a total value of $541,300.00. Following the sale, the chief operating officer now owns 105,477 shares of the company’s stock, valued at approximately $5,709,470.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jeffrey Wiezorek sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $58.24, for a total value of $87,360.00. The disclosure for this sale can be found here. 20.60% of the stock is owned by company insiders.
Several brokerages have recently weighed in on KITE. Vetr upgraded Kite Pharma from a “hold” rating to a “buy” rating and set a $63.91 price objective for the company in a research report on Wednesday, September 7th. BTIG Research reiterated a “neutral” rating on shares of Kite Pharma in a research report on Tuesday. FBR & Co reiterated an “outperform” rating and issued a $78.00 price objective on shares of Kite Pharma in a research report on Tuesday. Jefferies Group reiterated a “buy” rating on shares of Kite Pharma in a research report on Friday, August 5th. Finally, Barclays PLC set a $60.00 price objective on Kite Pharma and gave the company a “hold” rating in a research report on Tuesday, August 9th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $74.46.
The stock’s 50 day moving average is $58.15 and its 200-day moving average is $51.68. The firm’s market cap is $2.78 billion.
Kite Pharma (NASDAQ:KITE) last issued its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.91) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.21) by $0.30. The company earned $4.80 million during the quarter, compared to the consensus estimate of $4.86 million. Kite Pharma had a negative return on equity of 32.91% and a negative net margin of 873.86%. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period last year, the business posted ($0.26) EPS. Equities research analysts forecast that Kite Pharma Inc. will post ($5.87) EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in KITE. TIAA CREF Investment Management LLC boosted its stake in 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 period. Teachers Advisors Inc. boosted its stake in 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 period. Franklin Resources Inc. boosted its stake in 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 period. BlackRock Group LTD boosted its stake in 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 period. Finally, BlackRock Fund Advisors boosted its stake in 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 period. Hedge funds and other institutional investors own 75.28% of the company’s stock.
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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