Kite Pharma, Inc. (KITE) Shares Sold by Pinnacle Associates Ltd.
Pinnacle Associates Ltd. decreased its stake in Kite Pharma, Inc. (NASDAQ:KITE) by 5.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 241,902 shares of the biopharmaceutical company’s stock after selling 13,931 shares during the period. Pinnacle Associates Ltd. owned about 0.43% of Kite Pharma worth $25,078,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Teachers Advisors LLC boosted its position in Kite Pharma by 2.2% in the fourth quarter. Teachers Advisors LLC now owns 116,735 shares of the biopharmaceutical company’s stock valued at $5,234,000 after buying an additional 2,537 shares in the last quarter. Strs Ohio bought a new position in Kite Pharma during the first quarter valued at approximately $447,000. Russell Investments Group Ltd. boosted its position in Kite Pharma by 72.9% in the first quarter. Russell Investments Group Ltd. now owns 30,606 shares of the biopharmaceutical company’s stock valued at $2,403,000 after buying an additional 12,909 shares in the last quarter. Geneva Advisors LLC bought a new position in Kite Pharma during the first quarter valued at approximately $1,347,000. Finally, Great West Life Assurance Co. Can boosted its position in Kite Pharma by 28.1% in the first quarter. Great West Life Assurance Co. Can now owns 5,013 shares of the biopharmaceutical company’s stock valued at $392,000 after buying an additional 1,100 shares in the last quarter. Hedge funds and other institutional investors own 89.14% of the company’s stock.
Kite Pharma, Inc. (NASDAQ:KITE) opened at 178.05 on Friday. The firm’s market cap is $10.18 billion. Kite Pharma, Inc. has a 52-week low of $39.82 and a 52-week high of $178.25. The company has a 50-day moving average of $126.21 and a 200 day moving average of $92.13.
Kite Pharma (NASDAQ:KITE) last issued its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($1.94) earnings per share for the quarter, topping the consensus estimate of ($1.97) by $0.03. Kite Pharma had a negative net margin of 1,117.44% and a negative return on equity of 59.56%. The business had revenue of $10.10 million during the quarter, compared to analysts’ expectations of $9.59 million. During the same quarter in the previous year, the company earned ($0.91) EPS. The business’s revenue was up 110.4% on a year-over-year basis. On average, equities research analysts anticipate that Kite Pharma, Inc. will post ($8.19) EPS for the current year.
KITE has been the topic of several research analyst reports. Vetr upgraded shares of Kite Pharma from a “hold” rating to a “buy” rating and set a $85.40 price target on the stock in a report on Monday, May 8th. UBS AG cut shares of Kite Pharma from an “outperform” rating to a “market perform” rating in a report on Monday, May 8th. Raymond James Financial, Inc. reiterated a “mkt perform” rating on shares of Kite Pharma in a report on Monday, May 8th. They noted that the move was a valuation call. FBR & Co reiterated an “outperform” rating and issued a $91.00 price objective (up from $90.00) on shares of Kite Pharma in a report on Tuesday, May 9th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $90.00 price objective on shares of Kite Pharma in a report on Tuesday, May 9th. Fifteen analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $91.10.
In other news, COO Cynthia M. Butitta sold 5,000 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $11,577,524.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Cynthia M. Butitta sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $88.55, for a total transaction of $885,500.00. Following the completion of the transaction, the chief operating officer now owns 127,795 shares of the company’s stock, valued at $11,316,247.25. The disclosure for this sale can be found here. Insiders sold a total of 266,299 shares of company stock valued at $28,364,633 in the last quarter. Corporate insiders own 14.00% of the company’s stock.
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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