Kite Pharma Inc. (KITE) Receives Buy Rating from Goldman Sachs Group Inc.
Goldman Sachs Group Inc. reiterated their buy rating on shares of Kite Pharma Inc. (NASDAQ:KITE) in a report released on Monday. The firm currently has a $70.00 price target on the biopharmaceutical company’s stock.
Several other analysts also recently weighed in on the stock. Vetr raised shares of Kite Pharma from a buy rating to a strong-buy rating and set a $53.26 target price on the stock in a report on Wednesday, July 20th. Jefferies Group reaffirmed a buy rating and issued a $72.00 target price on shares of Kite Pharma in a report on Monday, September 19th. FBR & Co reaffirmed an outperform rating and issued a $75.00 target price on shares of Kite Pharma in a report on Sunday, July 10th. Mizuho reaffirmed a hold rating and issued a $80.00 target price on shares of Kite Pharma in a report on Friday, July 8th. Finally, Barclays PLC lifted their target price on shares of Kite Pharma from $60.00 to $65.00 and gave the company an equal weight rating in a report on Tuesday, September 27th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Kite Pharma presently has an average rating of Buy and a consensus target price of $72.99.
Kite Pharma (NASDAQ:KITE) traded down 2.01% during mid-day trading on Monday, reaching $56.58. 108,231 shares of the company’s stock were exchanged. The firm’s 50-day moving average is $57.21 and its 200 day moving average is $52.35. Kite Pharma has a 1-year low of $38.41 and a 1-year high of $89.84. The stock’s market capitalization is $2.81 billion.
Kite Pharma (NASDAQ:KITE) last issued its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.91) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.21) by $0.30. The business had revenue of $4.80 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.26) earnings per share. Analysts forecast that Kite Pharma will post ($5.87) earnings per share for the current fiscal year.
In other Kite Pharma news, SVP Jeffrey Wiezorek sold 1,500 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $56.90, for a total transaction of $85,350.00. Following the transaction, the senior vice president now directly owns 16,367 shares in the company, valued at approximately $931,282.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Helen Susan Kim sold 35,900 shares of the stock in a transaction on Monday, August 15th. The shares were sold at an average price of $60.27, for a total transaction of $2,163,693.00. Following the transaction, the executive vice president now owns 42,500 shares in the company, valued at $2,561,475. The disclosure for this sale can be found here. Company insiders own 20.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital World Investors increased its position in Kite Pharma by 46.4% in the second quarter. Capital World Investors now owns 1,523,000 shares of the biopharmaceutical company’s stock worth $76,150,000 after buying an additional 483,000 shares during the period. JPMorgan Chase & Co. increased its position in Kite Pharma by 13.6% in the second quarter. JPMorgan Chase & Co. now owns 3,168,056 shares of the biopharmaceutical company’s stock worth $158,402,000 after buying an additional 379,661 shares during the period. First Republic Investment Management Inc. increased its position in Kite Pharma by 101.1% in the first quarter. First Republic Investment Management Inc. now owns 739,867 shares of the biopharmaceutical company’s stock worth $33,967,000 after buying an additional 372,034 shares during the period. State Street Corp increased its position in Kite Pharma by 30.6% in the first quarter. State Street Corp now owns 1,332,147 shares of the biopharmaceutical company’s stock worth $61,162,000 after buying an additional 312,481 shares during the period. Finally, Vivo Capital LLC bought a new position in Kite Pharma during the first quarter worth approximately $8,869,000. 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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