Kite Pharma Inc. (KITE) Given a $75.00 Price Target at Canaccord Genuity
Kite Pharma Inc. (NASDAQ:KITE) has been given a $75.00 target price by research analysts at Canaccord Genuity in a research note issued on Tuesday. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Canaccord Genuity’s price target would indicate a potential upside of 52.97% from the stock’s previous close.
Several other equities analysts have also recently issued reports on the stock. Vetr cut shares of Kite Pharma from a “strong-buy” rating to a “buy” rating and set a $63.91 price target on the stock. in a research report on Tuesday, September 13th. Jefferies Group reissued a “buy” rating and set a $72.00 price objective on shares of Kite Pharma in a research note on Monday, September 19th. Barclays PLC boosted their price objective on shares of Kite Pharma from $60.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 27th. Stifel Nicolaus reissued a “buy” rating and set a $74.00 price objective on shares of Kite Pharma in a research note on Thursday, September 22nd. Finally, BTIG Research assumed coverage on shares of Kite Pharma in a research note on Tuesday, August 30th. They set a “neutral” rating on the stock. Three research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Kite Pharma has a consensus rating of “Buy” and an average price target of $71.57.
Kite Pharma (NASDAQ:KITE) traded up 1.76% during trading on Tuesday, hitting $49.20. 400,655 shares of the stock were exchanged. The stock’s market cap is $2.45 billion. Kite Pharma has a 52 week low of $38.41 and a 52 week high of $83.46. The stock has a 50 day moving average of $48.48 and a 200-day moving average of $52.52.
Kite Pharma (NASDAQ:KITE) last announced its quarterly earnings results on Wednesday, November 9th. The biopharmaceutical company reported ($1.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.63) by $0.14. Kite Pharma had a negative net margin of 994.89% and a negative return on equity of 39.26%. The company had revenue of $7.34 million for the quarter, compared to analysts’ expectations of $4.94 million. During the same quarter in the previous year, the company earned ($0.38) earnings per share. Kite Pharma’s quarterly revenue was up 43.1% on a year-over-year basis. Equities analysts expect that Kite Pharma will post ($5.56) EPS for the current fiscal year.
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In related news, SVP Jeffrey Wiezorek sold 1,500 shares of the firm’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $58.24, for a total transaction of $87,360.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Cynthia M. Butitta sold 10,000 shares of the firm’s stock in a transaction on Monday, September 26th. The shares were sold at an average price of $54.13, for a total transaction of $541,300.00. Following the transaction, the chief operating officer now directly owns 105,477 shares of the company’s stock, valued at $5,709,470.01. The disclosure for this sale can be found here. Company insiders own 20.60% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Capital Research Global Investors boosted its position in Kite Pharma by 1.0% in the third quarter. Capital Research Global Investors now owns 6,075,623 shares of the biopharmaceutical company’s stock valued at $339,384,000 after buying an additional 61,170 shares during the last quarter. JPMorgan Chase & Co. boosted 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 valued at $158,402,000 after buying an additional 379,661 shares during the last quarter. Vanguard Group Inc. boosted its position in Kite Pharma by 6.3% in the second quarter. Vanguard Group Inc. now owns 2,935,406 shares of the biopharmaceutical company’s stock valued at $146,771,000 after buying an additional 173,879 shares during the last quarter. BlackRock Fund Advisors boosted its position in Kite Pharma by 5.7% in the third quarter. BlackRock Fund Advisors now owns 1,751,216 shares of the biopharmaceutical company’s stock valued at $97,823,000 after buying an additional 94,421 shares during the last quarter. Finally, Capital World Investors boosted its position in Kite Pharma by 2.4% in the third quarter. Capital World Investors now owns 1,559,000 shares of the biopharmaceutical company’s stock valued at $87,086,000 after buying an additional 36,000 shares during the last quarter. 77.79% of the stock is owned by institutional investors.
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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