Canaccord Genuity Reiterates “$115.00” Price Target for Kite Pharma, Inc. (NASDAQ:KITE)
Kite Pharma, Inc. (NASDAQ:KITE) received a $115.00 target price from analysts at Canaccord Genuity in a note issued to investors on Monday, July 10th. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Canaccord Genuity’s target price suggests a potential upside of 1.28% from the stock’s current price.
A number of other equities research analysts also recently weighed in on KITE. Standpoint Research downgraded Kite Pharma from a “buy” rating to a “hold” rating and set a $85.00 target price on the stock. in a research report on Monday, March 13th. Jefferies Group LLC reissued a “buy” rating and set a $101.00 target price (up from $82.00) on shares of Kite Pharma in a research report on Thursday, March 16th. Roth Capital set a $93.00 target price on Kite Pharma and gave the stock a “buy” rating in a research report on Monday, March 20th. Vetr raised Kite Pharma from a “strong sell” rating to a “hold” rating and set a $78.37 target price on the stock in a research report on Tuesday, March 21st. Finally, BTIG Research reissued a “hold” rating on shares of Kite Pharma in a research report on Thursday, March 30th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $87.38.
Kite Pharma (KITE) opened at 113.55 on Monday. The company has a 50-day moving average price of $101.96 and a 200-day moving average price of $78.58. Kite Pharma has a one year low of $39.82 and a one year high of $114.69. The stock’s market cap is $6.42 billion.
Kite Pharma (NASDAQ:KITE) last released its earnings results on Monday, May 8th. The biopharmaceutical company reported ($1.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.68) by $0.06. Kite Pharma had a negative return on equity of 55.80% and a negative net margin of 1,166.54%. The firm had revenue of $9.80 million for the quarter, compared to analyst estimates of $8.85 million. During the same period last year, the business earned ($0.60) earnings per share. The firm’s quarterly revenue was up 92.2% compared to the same quarter last year. On average, analysts anticipate that Kite Pharma will post ($8.45) earnings per share for the current year.
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In other Kite Pharma news, SVP Jeffrey Wiezorek sold 10,000 shares of Kite Pharma stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $104.32, for a total transaction of $1,043,200.00. Following the completion of the sale, the senior vice president now owns 31,071 shares of the company’s stock, valued at approximately $3,241,326.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Paul L. Jenkinson bought 3,450 shares of the stock in a transaction on Wednesday, May 10th. The shares were acquired at an average cost of $72.59 per share, with a total value of $250,435.50. The disclosure for this purchase can be found here. Insiders sold a total of 165,099 shares of company stock valued at $16,244,448 in the last 90 days. 14.00% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in Kite Pharma by 106,272.1% in the first quarter. BlackRock Inc. now owns 3,621,971 shares of the biopharmaceutical company’s stock worth $284,287,000 after buying an additional 3,618,566 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Kite Pharma by 235.0% in the first quarter. Point72 Asset Management L.P. now owns 819,900 shares of the biopharmaceutical company’s stock worth $64,354,000 after buying an additional 575,178 shares in the last quarter. Vanguard Group Inc. raised its stake in Kite Pharma by 16.1% in the first quarter. Vanguard Group Inc. now owns 3,661,547 shares of the biopharmaceutical company’s stock worth $287,395,000 after buying an additional 507,289 shares in the last quarter. Columbia Wanger Asset Management LLC acquired a new stake in Kite Pharma during the first quarter worth approximately $35,452,000. Finally, Norges Bank acquired a new stake in Kite Pharma during the fourth quarter worth approximately $16,848,000. 84.96% of the stock is owned by hedge funds and other 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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