Kite Pharma, Inc. (NASDAQ:KITE) Rating Increased to Strong-Buy at Vetr Inc.
Kite Pharma, Inc. (NASDAQ:KITE) was upgraded by equities researchers at Vetr from a “strong sell” rating to a “strong-buy” rating in a report released on Monday. The brokerage presently has a $116.82 price target on the biopharmaceutical company’s stock. Vetr‘s target price would indicate a potential upside of 13.07% from the stock’s previous close.
KITE has been the subject of several other research reports. Cowen and Company reiterated an “outperform” rating on shares of Kite Pharma in a research report on Thursday, April 6th. Goldman Sachs Group, Inc. (The) lifted their price target on Kite Pharma from $85.00 to $89.00 and gave the stock a “buy” rating in a research report on Tuesday, May 9th. BidaskClub upgraded Kite Pharma from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 9th. Raymond James Financial, Inc. reiterated a “mkt perform” rating on shares of Kite Pharma in a research report on Monday, May 8th. They noted that the move was a valuation call. Finally, Wedbush restated a “neutral” rating and set a $60.00 target price on shares of Kite Pharma in a research report on Monday, April 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $87.38.
Shares of Kite Pharma (KITE) opened at 103.32 on Monday. Kite Pharma has a 1-year low of $39.82 and a 1-year high of $106.80. The company’s market cap is $5.84 billion. The stock has a 50 day moving average price of $93.15 and a 200-day moving average price of $74.38.
Kite Pharma (NASDAQ:KITE) last released its quarterly earnings results on Monday, May 8th. The biopharmaceutical company reported ($1.74) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.68) by $0.06. The company had revenue of $9.80 million during the quarter, compared to analysts’ expectations of $8.85 million. Kite Pharma had a negative return on equity of 55.80% and a negative net margin of 1,166.54%. The company’s revenue was up 92.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.60) EPS. Equities research analysts forecast that Kite Pharma will post ($8.28) earnings per share for the current year.
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In other Kite Pharma news, CFO Paul L. Jenkinson acquired 3,450 shares of Kite Pharma stock in a transaction that occurred on Wednesday, May 10th. The stock was bought at an average price of $72.59 per share, with a total value of $250,435.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jeffrey Wiezorek sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $104.32, for a total transaction of $1,043,200.00. Following the completion of the transaction, the senior vice president now directly owns 31,071 shares of the company’s stock, valued at approximately $3,241,326.72. The disclosure for this sale can be found here. In the last three months, insiders purchased 70,450 shares of company stock valued at $4,863,126 and sold 371,132 shares valued at $32,078,682. Insiders own 14.00% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. acquired a new position in shares of Kite Pharma during the fourth quarter worth approximately $801,000. State Board of Administration of Florida Retirement System increased its position in shares of Kite Pharma by 0.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 21,963 shares of the biopharmaceutical company’s stock worth $985,000 after buying an additional 200 shares during the period. Putnam Investments LLC acquired a new position in shares of Kite Pharma during the fourth quarter worth approximately $1,031,000. Norges Bank acquired a new position in shares of Kite Pharma during the fourth quarter worth approximately $16,848,000. Finally, Vident Investment Advisory LLC increased its position in shares of Kite Pharma by 16.0% in the fourth quarter. Vident Investment Advisory LLC now owns 14,968 shares of the biopharmaceutical company’s stock worth $671,000 after buying an additional 2,064 shares during the period. 85.24% 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 target and kill cancer cells. The Company offers engineered autologous cell therapy, which is an approach to the treatment of cancer. Its therapy involves modifying a patient’s T cells outside the patient’s body, or ex vivo, causing the T cells to express chimeric antigen receptors (CARs), or T cell receptors (TCRs), and then reinfusing the engineered T cells back into the patient.
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