Brokers Issue Forecasts for Kite Pharma Inc.’s FY2016 Earnings (KITE)
Kite Pharma Inc. (NASDAQ:KITE) – Analysts at Jefferies Group boosted their FY2016 EPS estimates for shares of Kite Pharma in a research report issued on Wednesday. Jefferies Group analyst B. Amin now expects that the brokerage will post earnings of ($5.47) per share for the year, up from their prior forecast of ($6.07). Jefferies Group currently has a “Buy” rating on the stock. Jefferies Group also issued estimates for Kite Pharma’s Q4 2016 earnings at ($1.76) EPS, FY2017 earnings at ($7.27) EPS, FY2018 earnings at ($4.88) EPS, FY2019 earnings at $0.40 EPS and FY2020 earnings at $3.34 EPS.
Several other equities analysts also recently commented on the company. Vetr upgraded Kite Pharma from a “sell” rating to a “buy” rating and set a $58.58 price objective on the stock in a research note on Tuesday, August 2nd. Zacks Investment Research upgraded Kite Pharma from a “sell” rating to a “hold” rating in a research note on Friday. BTIG Research reiterated a “hold” rating on shares of Kite Pharma in a research note on Sunday. FBR & Co reiterated an “outperform” rating and issued a $78.00 price objective on shares of Kite Pharma in a research note on Tuesday, September 27th. Finally, Canaccord Genuity set a $75.00 price objective on Kite Pharma and gave the company a “buy” rating in a research note on Wednesday, October 19th. Three equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $71.11.
Kite Pharma (NASDAQ:KITE) opened at 51.50 on Monday. Kite Pharma has a 52 week low of $38.41 and a 52 week high of $89.84. The company’s market cap is $2.57 billion. The stock has a 50 day moving average price of $50.05 and a 200 day moving average price of $51.96.
Kite Pharma (NASDAQ:KITE) last issued its quarterly earnings results on Wednesday, November 9th. The biopharmaceutical company reported ($1.49) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.63) by $0.14. Kite Pharma had a negative return on equity of 39.26% and a negative net margin of 994.89%. The company had revenue of $7.34 million for the quarter, compared to analyst estimates of $4.94 million. During the same quarter last year, the company posted ($0.38) EPS. The company’s revenue for the quarter was up 43.1% compared to the same quarter last year.
In related news, COO Cynthia M. Butitta sold 10,000 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $58.28, for a total value of $582,800.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Jeffrey Wiezorek sold 1,500 shares of the stock in a transaction 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 corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Republic Investment Management Inc. boosted 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 in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Kite Pharma by 7.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 956,903 shares of the biopharmaceutical company’s stock worth $43,931,000 after buying an additional 62,968 shares in the last quarter. State Street Corp boosted 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 in the last quarter. Teacher Retirement System of Texas boosted its position in Kite Pharma by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 5,364 shares of the biopharmaceutical company’s stock worth $268,000 after buying an additional 651 shares in the last quarter. Finally, Moody Aldrich Partners LLC purchased a new position in Kite Pharma during the second quarter worth approximately $694,000. 75.34% of the stock is currently owned by institutional investors and hedge funds.
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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