Kite Pharma Inc. (KITE) Shares Down 7.1%
Kite Pharma Inc. (NASDAQ:KITE)’s share price fell 7.1% during trading on Friday . The company traded as low as $46.80 and last traded at $48.40, with a volume of 2,993,531 shares traded. The stock had previously closed at $52.10.
A number of research firms have recently commented on KITE. FBR & Co reaffirmed a “buy” rating on shares of Kite Pharma in a report on Sunday, April 24th. Canaccord Genuity reaffirmed a “buy” rating on shares of Kite Pharma in a report on Tuesday, May 10th. Raymond James Financial Inc. assumed coverage on Kite Pharma in a research note on Thursday, June 2nd. They set an “outperform” rating and a $61.00 price objective for the company. Maxim Group reissued a “buy” rating and set a $87.00 price objective on shares of Kite Pharma in a research note on Tuesday, May 10th. Finally, Zacks Investment Research raised Kite Pharma from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $74.20.
The company has a 50 day moving average of $51.07 and a 200-day moving average of $49.68. The company’s market capitalization is $2.38 billion.
Kite Pharma (NASDAQ:KITE) last released its quarterly earnings results on Monday, May 9th. The biopharmaceutical company reported ($0.60) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.48. During the same period last year, the firm posted ($0.36) earnings per share. The company earned $5.10 million during the quarter, compared to analysts’ expectations of $4.61 million. Kite Pharma’s revenue was up 77.1% on a year-over-year basis. Analysts predict that Kite Pharma Inc. will post ($5.60) EPS for the current fiscal year.
In other news, Director Roy Doumani sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $57.91, for a total value of $579,100.00. Following the sale, the director now directly owns 136,017 shares of the company’s stock, valued at approximately $7,876,744.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jeffrey Wiezorek sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $50.65, for a total transaction of $151,950.00. Following the completion of the sale, the senior vice president now directly owns 16,367 shares in the company, valued at $828,988.55. The disclosure for this sale can be found here.
Other large investors recently added to or reduced their stakes in the company. Mutual of America Capital Management LLC increased its stake in Kite Pharma by 0.6% in the fourth quarter. Mutual of America Capital Management LLC now owns 16,336 shares of the biopharmaceutical company’s stock worth $1,007,000 after buying an additional 95 shares during the period. Morgan Stanley increased its stake in shares of Kite Pharma by 3.5% in the fourth quarter. Morgan Stanley now owns 21,628 shares of the biopharmaceutical company’s stock valued at $1,332,000 after buying an additional 739 shares during the last quarter. CG Asset Management LLC increased its stake in shares of Kite Pharma by 148.7% in the fourth quarter. CG Asset Management LLC now owns 26,360 shares of the biopharmaceutical company’s stock valued at $1,624,000 after buying an additional 15,760 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Kite Pharma by 10.2% in the fourth quarter. Rhumbline Advisers now owns 28,768 shares of the biopharmaceutical company’s stock valued at $1,773,000 after buying an additional 2,660 shares during the last quarter. Finally, Casdin Capital LLC acquired a new stake in shares of Kite Pharma during the fourth quarter valued at $1,849,000.
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 does this using its engineered autologous cell therapy (eACT), which is an approach to the treatment of cancer.
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