Zacks: Brokerages Expect Kite Pharma, Inc. (KITE) Will Announce Quarterly Sales of $11.21 Million
Equities analysts predict that Kite Pharma, Inc. (NASDAQ:KITE) will report sales of $11.21 million for the current fiscal quarter, Zacks reports. Five analysts have made estimates for Kite Pharma’s earnings. The lowest sales estimate is $10.00 million and the highest is $15.00 million. Kite Pharma reported sales of $7.34 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 52.7%. The company is scheduled to report its next earnings report on Wednesday, November 8th.
According to Zacks, analysts expect that Kite Pharma will report full year sales of $11.21 million for the current fiscal year, with estimates ranging from $39.90 million to $49.90 million. For the next fiscal year, analysts forecast that the company will report sales of $207.18 million per share, with estimates ranging from $154.81 million to $254.50 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Kite Pharma.
Kite Pharma (NASDAQ:KITE) last posted its earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($1.94) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.97) by $0.03. The company had revenue of $10.10 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 110.4% compared to the same quarter last year. During the same period last year, the business posted ($0.91) earnings per share.
Several research analysts have commented on KITE shares. Canaccord Genuity set a $90.00 target price on Kite Pharma and gave the stock a “buy” rating in a report on Tuesday, June 6th. Vetr cut Kite Pharma from a “buy” rating to a “hold” rating and set a $116.82 price target for the company. in a research note on Monday, August 7th. Cowen and Company reissued a “buy” rating on shares of Kite Pharma in a research note on Wednesday, June 7th. Wedbush restated an “underperform” rating and set a $54.00 price objective on shares of Kite Pharma in a research report on Friday, June 16th. Finally, Jefferies Group LLC raised their price objective on Kite Pharma from $101.00 to $121.00 and gave the stock a “buy” rating in a research report on Monday, July 10th. Fourteen equities research 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 company. Kite Pharma has a consensus rating of “Hold” and an average target price of $92.64.
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In other Kite Pharma news, COO Cynthia M. Butitta sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $103.09, for a total value of $1,546,350.00. Following the completion of the sale, the chief operating officer now owns 132,795 shares of the company’s stock, valued at $13,689,836.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Arie Belldegrun sold 26,347 shares of the firm’s stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $179.66, for a total value of $4,733,502.02. Following the completion of the sale, the chairman now directly owns 135,507 shares of the company’s stock, valued at approximately $24,345,187.62. The disclosure for this sale can be found here. Insiders sold a total of 209,785 shares of company stock valued at $27,323,220 over the last ninety days. 14.00% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the company. Capital Research Global Investors raised its holdings in shares of Kite Pharma by 1.9% in the 2nd quarter. Capital Research Global Investors now owns 6,936,691 shares of the biopharmaceutical company’s stock worth $719,127,000 after acquiring an additional 132,400 shares during the last quarter. Vanguard Group Inc. lifted its position in Kite Pharma by 9.2% in the 2nd quarter. Vanguard Group Inc. now owns 3,998,269 shares of the biopharmaceutical company’s stock valued at $414,501,000 after acquiring an additional 336,722 shares in the last quarter. BlackRock Inc. boosted its stake in Kite Pharma by 10.3% during the 2nd quarter. BlackRock Inc. now owns 3,995,272 shares of the biopharmaceutical company’s stock valued at $414,190,000 after purchasing an additional 373,301 shares during the last quarter. Capital World Investors boosted its stake in Kite Pharma by 6.3% during the 2nd quarter. Capital World Investors now owns 2,570,400 shares of the biopharmaceutical company’s stock valued at $266,473,000 after purchasing an additional 153,400 shares during the last quarter. Finally, Wildcat Capital Management LLC boosted its stake in Kite Pharma by 2.2% during the 2nd quarter. Wildcat Capital Management LLC now owns 2,410,034 shares of the biopharmaceutical company’s stock valued at $249,848,000 after purchasing an additional 51,950 shares during the last quarter. 87.72% of the stock is currently owned by institutional investors.
Shares of Kite Pharma (KITE) remained flat at $179.79 during trading on Wednesday. The company’s stock had a trading volume of 100 shares. The stock has a 50 day moving average price of $167.13 and a 200 day moving average price of $109.13. Kite Pharma has a 12 month low of $39.82 and a 12 month high of $179.95. The firm’s market cap is $10.28 billion.
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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