Kite Pharma Inc. (KITE) Trading 3.7% Higher
Kite Pharma Inc. (NASDAQ:KITE)’s share price traded up 3.7% during mid-day trading on Friday . The company traded as high as $57.48 and last traded at $57.41, with a volume of 510,029 shares traded. The stock had previously closed at $55.37.
A number of equities analysts have issued reports on the company. Vetr cut Kite Pharma from a “strong-buy” rating to a “buy” rating and set a $63.91 target price for the company. in a report on Tuesday. BTIG Research began coverage on Kite Pharma in a research report on Tuesday, August 30th. They issued a “neutral” rating on the stock. Mizuho set a $80.00 price target on Kite Pharma and gave the company a “buy” rating in a research report on Tuesday, August 9th. Barclays PLC set a $60.00 price target on Kite Pharma and gave the company a “hold” rating in a research report on Tuesday, August 9th. Finally, Maxim Group reiterated a “buy” rating and issued a $77.00 price target (down previously from $87.00) on shares of Kite Pharma in a research report on Tuesday, August 9th. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $73.93.
The stock has a 50-day moving average of $58.55 and a 200 day moving average of $51.31. The stock’s market cap is $2.85 billion.
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Kite Pharma (NASDAQ:KITE) last released its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.91) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($1.21) by $0.30. Kite Pharma had a negative return on equity of 32.91% and a negative net margin of 873.86%. The business had revenue of $4.80 million for the quarter, compared to the consensus estimate of $4.86 million. During the same quarter last year, the business posted ($0.26) earnings per share. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. Equities research analysts expect that Kite Pharma Inc. will post ($5.83) EPS for the current year.
In other news, SVP Jeffrey Wiezorek sold 1,500 shares of Kite Pharma stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $50.00, for a total value of $75,000.00. Following the transaction, the senior vice president now owns 16,367 shares in the company, valued at $818,350. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Cynthia M. Butitta sold 20,000 shares of Kite Pharma stock in a transaction dated Monday, June 27th. The stock was sold at an average price of $50.71, for a total value of $1,014,200.00. Following the completion of the transaction, the chief operating officer now owns 105,401 shares in the company, valued at approximately $5,344,884.71. The disclosure for this sale can be found here. 20.60% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in KITE. BlackRock Fund Advisors increased its position in Kite Pharma by 14.6% in the first quarter. BlackRock Fund Advisors now owns 1,508,215 shares of the biopharmaceutical company’s stock valued at $69,242,000 after buying an additional 192,512 shares in the last quarter. First Republic Investment Management Inc. increased its position in Kite Pharma by 101.1% in the first quarter. First Republic Investment Management Inc. now owns 739,867 shares of the biopharmaceutical company’s stock valued at $33,967,000 after buying an additional 372,034 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Kite Pharma by 7.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 956,903 shares of the biopharmaceutical company’s stock valued at $43,931,000 after buying an additional 62,968 shares in the last quarter. State Street Corp increased its position in Kite Pharma by 30.6% in the first quarter. State Street Corp now owns 1,332,147 shares of the biopharmaceutical company’s stock valued at $61,162,000 after buying an additional 312,481 shares in the last quarter. Finally, Norges Bank bought a new position in Kite Pharma during the fourth quarter valued at approximately $19,900,000. Hedge funds and other institutional investors own 75.28% 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 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.
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