Zurcher Kantonalbank Zurich Cantonalbank Trims Position in Kite Pharma, Inc. (KITE)
Zurcher Kantonalbank Zurich Cantonalbank decreased its position in shares of Kite Pharma, Inc. (NASDAQ:KITE) by 82.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,984 shares of the biopharmaceutical company’s stock after selling 9,500 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Kite Pharma were worth $206,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in Kite Pharma by 106,272.1% during the first quarter. BlackRock Inc. now owns 3,621,971 shares of the biopharmaceutical company’s stock valued at $284,287,000 after buying an additional 3,618,566 shares in the last quarter. TD Asset Management Inc. raised its holdings in Kite Pharma by 148.7% during the first quarter. TD Asset Management Inc. now owns 61,550 shares of the biopharmaceutical company’s stock valued at $4,831,000 after buying an additional 36,800 shares in the last quarter. Bank of Montreal Can raised its holdings in Kite Pharma by 17.0% during the second quarter. Bank of Montreal Can now owns 8,898 shares of the biopharmaceutical company’s stock valued at $923,000 after buying an additional 1,293 shares in the last quarter. Great West Life Assurance Co. Can raised its holdings in Kite Pharma by 28.1% during the first quarter. Great West Life Assurance Co. Can now owns 5,013 shares of the biopharmaceutical company’s stock valued at $392,000 after buying an additional 1,100 shares in the last quarter. Finally, Teacher Retirement System of Texas bought a new position in Kite Pharma during the first quarter valued at about $282,000. 87.86% of the stock is owned by hedge funds and other institutional investors.
Several research firms have weighed in on KITE. SunTrust Banks, Inc. lowered Kite Pharma from a “buy” rating to a “hold” rating in a report on Monday, August 28th. Wedbush upgraded Kite Pharma from an “underperform” rating to a “neutral” rating in a report on Tuesday, August 29th. BTIG Research lowered Kite Pharma from a “buy” rating to a “neutral” rating in a report on Monday, August 28th. Jefferies Group LLC restated a “buy” rating and set a $135.00 target price (up from $121.00) on shares of Kite Pharma in a report on Wednesday, August 9th. Finally, Cowen and Company restated an “outperform” rating on shares of Kite Pharma in a report on Tuesday, July 4th. Fifteen analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Kite Pharma presently has an average rating of “Hold” and an average target price of $91.10.
Shares of Kite Pharma, Inc. (KITE) opened at 178.61 on Friday. Kite Pharma, Inc. has a 12-month low of $39.82 and a 12-month high of $179.69. The firm’s 50-day moving average price is $144.96 and its 200-day moving average price is $100.11. The firm’s market capitalization is $10.21 billion.
Kite Pharma (NASDAQ:KITE) last announced its earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($1.94) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.97) by $0.03. Kite Pharma had a negative net margin of 1,117.44% and a negative return on equity of 59.56%. The company had revenue of $10.10 million for the quarter, compared to analysts’ expectations of $9.59 million. During the same period last year, the firm earned ($0.91) earnings per share. The business’s revenue for the quarter was up 110.4% on a year-over-year basis. Equities analysts predict that Kite Pharma, Inc. will post ($8.23) earnings per share for the current fiscal year.
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In other news, COO Cynthia M. Butitta sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $100.81, for a total transaction of $504,050.00. Following the transaction, the chief operating officer now directly owns 114,845 shares of the company’s stock, valued at $11,577,524.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Owen N. Witte sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $100.30, for a total transaction of $2,507,500.00. Following the transaction, the director now directly owns 98,750 shares in the company, valued at $9,904,625. The disclosure for this sale can be found here. Insiders have sold 200,849 shares of company stock worth $22,586,128 over the last ninety days. Insiders own 14.00% 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 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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