Kite Pharma Inc. (KITE) Trading Up 2.5%
Kite Pharma Inc. (NASDAQ:KITE) shares were up 2.5% during mid-day trading on Thursday . The stock traded as high as $59.46 and last traded at $58.91, with a volume of 342,064 shares trading hands. The stock had previously closed at $57.50.
KITE has been the subject of a number of research reports. Vetr upgraded Kite Pharma from a “buy” rating to a “strong-buy” rating and set a $53.26 price target for the company in a report on Wednesday, July 20th. FBR & Co reiterated an “outperform” rating and issued a $75.00 price target on shares of Kite Pharma in a report on Sunday, July 10th. Mizuho reiterated a “hold” rating and issued a $80.00 price target on shares of Kite Pharma in a report on Friday, July 8th. Jefferies Group reiterated a “buy” rating on shares of Kite Pharma in a report on Friday, August 5th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $75.00 price target on shares of Kite Pharma in a report on Tuesday, July 26th. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $73.53.
The company has a 50-day moving average price of $54.88 and a 200 day moving average price of $49.90. The firm’s market capitalization is $2.87 billion.
Kite Pharma (NASDAQ:KITE) last announced its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.91) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.21) by $0.30. During the same quarter in the prior year, the business earned ($0.26) EPS. The firm had revenue of $4.80 million for the quarter, compared to analyst estimates of $4.86 million. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. On average, analysts forecast that Kite Pharma Inc. will post ($5.83) EPS for the current fiscal year.
In other news, Director Roy Doumani sold 10,000 shares of the firm’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 transaction of $579,100.00. Following the completion of the sale, the director now owns 136,017 shares in the company, valued at approximately $7,876,744.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Cynthia M. Butitta sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, June 27th. The stock was sold at an average price of $50.71, for a total transaction of $1,014,200.00. Following the sale, the chief operating officer now owns 105,401 shares of the company’s stock, valued at approximately $5,344,884.71. The disclosure for this sale can be found here.
Several hedge funds have recently made changes to their positions in the company. Mutual of America Capital Management LLC increased its stake in shares of 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 in the last quarter. California Public Employees Retirement System increased its stake in shares of Kite Pharma by 58.8% in the fourth quarter. California Public Employees Retirement System now owns 51,300 shares of the biopharmaceutical company’s stock worth $3,161,000 after buying an additional 19,000 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of Kite Pharma during the fourth quarter worth about $2,088,000.
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 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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