Canaccord Genuity Analysts Give Kite Pharma Inc. (KITE) a $75.00 Price Target
Kite Pharma Inc. (NASDAQ:KITE) has been given a $75.00 target price by equities researchers at Canaccord Genuity in a research note issued on Wednesday. The brokerage presently has a a “buy” rating on the biopharmaceutical company’s stock. Canaccord Genuity’s price objective indicates a potential upside of 51.03% from the stock’s previous close.
Several other brokerages have also issued reports on KITE. Jefferies Group reaffirmed a “buy” rating and set a $72.00 target price on shares of Kite Pharma in a research report on Tuesday, September 27th. BTIG Research assumed coverage on Kite Pharma in a report on Tuesday, August 30th. They issued a “neutral” rating for the company. Mizuho reissued a “buy” rating and issued a $80.00 price objective on shares of Kite Pharma in a report on Friday, July 22nd. Stifel Nicolaus set a $74.00 price objective on Kite Pharma and gave the stock a “buy” rating in a report on Thursday, October 6th. Finally, Zacks Investment Research raised Kite Pharma from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a report on Tuesday, July 5th. Three research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $73.03.
Kite Pharma (NASDAQ:KITE) traded down 7.59% during midday trading on Wednesday, reaching $45.89. 1,533,400 shares of the company’s stock traded hands. Kite Pharma has a 52-week low of $38.41 and a 52-week high of $89.84. The company’s market cap is $2.28 billion. The stock has a 50-day moving average of $55.87 and a 200 day moving average of $52.55.
Kite Pharma (NASDAQ:KITE) last announced its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.91) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm earned $4.80 million during the quarter, compared to analyst estimates of $4.86 million. During the same period last year, the firm posted ($0.26) EPS. The business’s revenue was up 9.1% compared to the same quarter last year. On average, analysts anticipate that Kite Pharma will post ($5.87) earnings per share for the current fiscal year.
In other news, COO Cynthia M. Butitta sold 10,000 shares of Kite Pharma stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $50.94, for a total transaction of $509,400.00. Following the completion of the sale, 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 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, August 1st. The shares were sold at an average price of $56.90, for a total value of $85,350.00. Following the sale, the senior vice president now owns 16,367 shares of the company’s stock, valued at approximately $931,282.30. The disclosure for this sale can be found here. Insiders own 20.60% of the company’s stock.
Several hedge funds have recently modified their holdings of KITE. Strs Ohio purchased a new stake in Kite Pharma during the second quarter worth $120,000. Picton Mahoney Asset Management purchased a new stake in Kite Pharma during the second quarter worth $135,000. Howard Hughes Medical Institute increased its stake in Kite Pharma by 11.3% in the second quarter. Howard Hughes Medical Institute now owns 3,431 shares of the biopharmaceutical company’s stock worth $172,000 after buying an additional 348 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Kite Pharma by 115.3% in the third quarter. BNP Paribas Arbitrage SA now owns 3,301 shares of the biopharmaceutical company’s stock worth $184,000 after buying an additional 1,768 shares during the last quarter. Finally, BlackRock Inc. increased its stake in Kite Pharma by 91.9% in the second quarter. BlackRock Inc. now owns 4,022 shares of the biopharmaceutical company’s stock worth $201,000 after buying an additional 1,926 shares during the last quarter. Hedge funds and other institutional investors own 75.31% 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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