Maxim Group Reiterates $77.00 Price Target for Kite Pharma Inc. (KITE)
Kite Pharma Inc. (NASDAQ:KITE) has been given a $77.00 target price by Maxim Group in a report released on Thursday. The firm presently has a a “buy” rating on the biopharmaceutical company’s stock. Maxim Group’s price target indicates a potential upside of 38.34% from the company’s current price.
A number of other research firms also recently commented on KITE. Stifel Nicolaus set a $74.00 price objective on Kite Pharma and gave the stock a “buy” rating in a report on Thursday. FBR & Co reiterated an “outperform” rating and set a $78.00 target price on shares of Kite Pharma in a report on Tuesday, September 27th. BTIG Research reiterated a “neutral” rating on shares of Kite Pharma in a report on Tuesday, September 27th. Jefferies Group reiterated a “buy” rating and set a $72.00 target price on shares of Kite Pharma in a report on Tuesday, September 27th. Finally, Barclays PLC raised their target price on Kite Pharma from $60.00 to $65.00 and gave the company an “equal weight” rating in a report on Tuesday, September 27th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Kite Pharma currently has an average rating of “Buy” and an average target price of $74.46.
Shares of Kite Pharma (NASDAQ:KITE) traded up 0.11% during midday trading on Thursday, reaching $55.72. 975,773 shares of the company’s stock traded hands. The stock’s 50 day moving average is $57.42 and its 200-day moving average is $52.05. The company’s market capitalization is $2.76 billion. Kite Pharma has a 52 week low of $38.41 and a 52 week high of $89.84.
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Kite Pharma (NASDAQ:KITE) last issued its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $4.80 million for the quarter, compared to analyst estimates of $4.86 million. During the same period last year, the company earned ($0.26) EPS. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. On average, analysts forecast that Kite Pharma will post ($5.87) earnings per share for the current fiscal year.
In related news, COO Cynthia M. Butitta sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $50.94, for a total transaction of $509,400.00. Following the completion of the transaction, the chief operating officer now owns 105,401 shares in the company, valued at approximately $5,369,126.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jeffrey Wiezorek sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $56.90, for a total value of $85,350.00. Following the transaction, the senior vice president now owns 16,367 shares of the company’s stock, valued at approximately $931,282.30. The disclosure for this sale can be found here. 20.60% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Fund Advisors raised 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 worth $69,242,000 after buying an additional 192,512 shares in the last quarter. First Republic Investment Management Inc. raised 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 worth $33,967,000 after buying an additional 372,034 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised 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 worth $43,931,000 after buying an additional 62,968 shares in the last quarter. State Street Corp raised 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 worth $61,162,000 after buying an additional 312,481 shares in the last quarter. Finally, Moody Aldrich Partners LLC bought a new position in Kite Pharma during the second quarter worth about $694,000. Institutional investors and hedge funds 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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