Kite Pharma Inc. (KITE) Lifted to “Buy” at Vetr Inc.
Kite Pharma Inc. (NASDAQ:KITE) was upgraded by stock analysts at Vetr from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm currently has a $63.91 target price on the biopharmaceutical company’s stock. Vetr‘s price objective suggests a potential upside of 12.66% from the company’s current price.
Several other equities analysts also recently commented on the stock. FBR & Co reissued an “outperform” rating and issued a $75.00 target price on shares of Kite Pharma in a report on Sunday, July 10th. Mizuho reissued a “hold” rating and issued a $80.00 target price on shares of Kite Pharma in a report on Friday, July 8th. Jefferies Group reissued a “buy” rating on shares of Kite Pharma in a report on Friday, August 5th. Canaccord Genuity reissued a “buy” rating and issued a $75.00 target price on shares of Kite Pharma in a report on Tuesday, July 26th. Finally, Cowen and Company reissued a “buy” rating on shares of Kite Pharma in a report on Monday, June 20th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $73.93.
Shares of Kite Pharma (NASDAQ:KITE) traded down 6.97% during midday trading on Wednesday, reaching $56.73. 726,233 shares of the company’s stock were exchanged. The stock’s market cap is $2.81 billion. Kite Pharma has a 12-month low of $38.41 and a 12-month high of $89.84. The stock’s 50 day moving average is $58.15 and its 200-day moving average is $51.02.
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Kite Pharma (NASDAQ:KITE) last posted its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.91) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($1.21) by $0.30. The business earned $4.80 million during the quarter, compared to analyst estimates of $4.86 million. Kite Pharma had a negative net margin of 873.86% and a negative return on equity of 32.91%. The company’s revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the business posted ($0.26) earnings per share. On average, equities analysts expect that Kite Pharma will post ($5.83) EPS for the current year.
In other news, COO Cynthia M. Butitta sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $58.28, for a total value of $582,800.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Jeffrey Wiezorek sold 1,500 shares of the company’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $58.24, for a total transaction of $87,360.00. The disclosure for this sale can be found here. 20.60% of the stock is currently owned by insiders.
Several hedge funds and institutional investors recently bought and sold shares of the company. Strs Ohio bought a new position in Kite Pharma during the second quarter worth approximately $120,000. Barclays PLC boosted its position in Kite Pharma by 28.5% in the first quarter. Barclays PLC now owns 3,563 shares of the biopharmaceutical company’s stock worth $160,000 after buying an additional 790 shares during the last quarter. Capital Fund Management S.A. bought a new position in Kite Pharma during the second quarter worth approximately $249,000. Bank of Montreal Can bought a new position in Kite Pharma during the second quarter worth approximately $320,000. Finally, Legal & General Group Plc boosted its position in Kite Pharma by 17.1% in the first quarter. Legal & General Group Plc now owns 7,762 shares of the biopharmaceutical company’s stock worth $355,000 after buying an additional 1,134 shares during the last quarter. Hedge funds and other institutional investors own 75.30% of the company’s stock.
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 eradicate cancer cells. The Company offers engineered autologous cell therapy (eACT), which is an approach to the treatment of cancer. It is conducting over four pivotal studies of its lead product candidate, KTE-C19, a CAR-based therapy.
To view Vetr’s full report, visit Vetr’s official website.
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