Maxim Group Analysts Give Kite Pharma Inc. (KITE) a $77.00 Price Target
Kite Pharma Inc. (NASDAQ:KITE) received a $77.00 target price from stock analysts at Maxim Group in a research report issued on Wednesday. The firm presently has a a “buy” rating on the biopharmaceutical company’s stock. Maxim Group’s target price points to a potential upside of 55.05% from the company’s current price.
Several other equities research analysts also recently commented on KITE. Zacks Investment Research upgraded shares of Kite Pharma from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research report on Tuesday, July 5th. Barclays PLC assumed coverage on shares of Kite Pharma in a research note on Wednesday, July 6th. They issued an “equal weight” rating and a $58.00 price objective on the stock. Mizuho reiterated a “hold” rating and issued a $80.00 price objective on shares of Kite Pharma in a research note on Friday, July 8th. FBR & Co reiterated an “outperform” rating and issued a $75.00 price objective on shares of Kite Pharma in a research note on Sunday, July 10th. Finally, Jefferies Group reiterated a “buy” rating and issued a $72.00 price objective on shares of Kite Pharma in a research note on Saturday, July 9th. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $73.03.
Shares of Kite Pharma (NASDAQ:KITE) traded down 7.59% during trading on Wednesday, reaching $45.89. 1,533,400 shares of the company’s stock were exchanged. The firm’s market capitalization is $2.28 billion. Kite Pharma has a 52-week low of $38.41 and a 52-week high of $89.84. The company has a 50 day moving average of $55.87 and a 200 day moving average of $52.55.
Kite Pharma (NASDAQ:KITE) last issued its quarterly 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 business earned $4.80 million during 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 firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.26) EPS. Equities analysts anticipate 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 value of $85,350.00. Following the completion of the sale, the senior vice president now directly owns 16,367 shares of the company’s stock, valued at approximately $931,282.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 completion of the sale, the chief operating officer now directly owns 105,401 shares of the company’s stock, valued at $5,369,126.94. The disclosure for this sale can be found here. 20.60% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Strs Ohio bought a new stake in shares of Kite Pharma during the second quarter worth $120,000. Picton Mahoney Asset Management bought a new stake in shares of Kite Pharma during the second quarter worth $135,000. Howard Hughes Medical Institute increased 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 worth $172,000 after buying an additional 348 shares during the period. BNP Paribas Arbitrage SA increased 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 worth $184,000 after buying an additional 1,768 shares during the period. Finally, BlackRock Inc. increased 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 worth $201,000 after buying an additional 1,926 shares during the period. 75.31% of the stock is owned by hedge funds and other institutional investors.
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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