Kite Pharma, Inc. (KITE) Stock Rating Lowered by BTIG Research
Kite Pharma, Inc. (NASDAQ:KITE) was downgraded by BTIG Research from a “buy” rating to a “neutral” rating in a research report issued on Monday.
Several other analysts also recently commented on the stock. Goldman Sachs Group, Inc. (The) raised their target price on shares of Kite Pharma from $85.00 to $89.00 and gave the stock a “buy” rating in a report on Tuesday, May 9th. Canaccord Genuity set a $115.00 target price on shares of Kite Pharma and gave the stock a “buy” rating in a report on Monday, July 10th. Wedbush downgraded shares of Kite Pharma from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $60.00 to $54.00 in a report on Tuesday, May 9th. Jefferies Group LLC set a $101.00 target price on shares of Kite Pharma and gave the stock a “buy” rating in a report on Friday, May 19th. Finally, Vetr upgraded shares of Kite Pharma from a “strong sell” rating to a “strong-buy” rating and set a $116.82 target price on the stock in a report on Monday, July 17th. Fifteen research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $91.10.
Shares of Kite Pharma (NASDAQ KITE) opened at 177.95 on Monday. The firm’s market cap is $10.18 billion. Kite Pharma has a 12 month low of $39.82 and a 12 month high of $178.40. The company’s 50-day moving average is $115.89 and its 200-day moving average is $87.67. Kite Pharma also was the recipient of unusually large options trading activity on Monday. Investors bought 23,676 put options on the stock. This represents an increase of 1,264% compared to the typical daily volume of 1,736 put options.
Kite Pharma (NASDAQ:KITE) last announced its earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($1.94) EPS for the quarter, topping the consensus estimate of ($1.97) by $0.03. The firm had revenue of $10.10 million for the quarter, compared to the consensus estimate of $9.59 million. Kite Pharma had a negative net margin of 1,117.44% and a negative return on equity of 59.56%. The business’s quarterly revenue was up 110.4% on a year-over-year basis. During the same period last year, the company posted ($0.91) EPS. On average, equities research analysts forecast that Kite Pharma will post ($7.96) earnings per share for the current fiscal year.
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In related news, COO Cynthia M. Butitta sold 5,000 shares of the firm’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $100.81, for a total value of $504,050.00. Following the completion of the transaction, the chief operating officer now directly owns 114,845 shares of the company’s stock, valued at $11,577,524.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Cynthia M. Butitta sold 15,000 shares of the firm’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $120.72, for a total transaction of $1,810,800.00. Following the completion of the transaction, the chief operating officer now directly owns 132,795 shares of the company’s stock, valued at $16,031,012.40. The disclosure for this sale can be found here. Insiders sold 266,299 shares of company stock valued at $28,364,633 over the last three months. 14.00% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. TD Asset Management Inc. boosted its position in Kite Pharma by 148.7% in the first quarter. TD Asset Management Inc. now owns 61,550 shares of the biopharmaceutical company’s stock valued at $4,831,000 after buying an additional 36,800 shares in the last quarter. Karp Capital Management Corp purchased a new position in Kite Pharma during the first quarter valued at $363,000. Swiss National Bank boosted its position in Kite Pharma by 17.9% in the first quarter. Swiss National Bank now owns 76,950 shares of the biopharmaceutical company’s stock valued at $6,040,000 after buying an additional 11,700 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in Kite Pharma by 112.1% in the first quarter. BNP Paribas Arbitrage SA now owns 27,492 shares of the biopharmaceutical company’s stock valued at $2,158,000 after buying an additional 14,532 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Kite Pharma by 24.2% in the first quarter. Bank of New York Mellon Corp now owns 254,995 shares of the biopharmaceutical company’s stock valued at $20,014,000 after buying an additional 49,752 shares in the last quarter. 89.14% of the stock is owned by institutional investors and hedge funds.
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 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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