Maxim Group Reiterates “$77.00” Price Target for Kite Pharma Inc. (KITE)
Kite Pharma Inc. (NASDAQ:KITE) received a $77.00 price target from research analysts at Maxim Group in a research report issued to clients and investors on Thursday. The firm currently has a a “buy” rating on the biopharmaceutical company’s stock. Maxim Group’s price target points to a potential upside of 38.34% from the stock’s previous close.
Several other brokerages also recently commented on KITE. Jefferies Group restated a “buy” rating and set a $72.00 price objective on shares of Kite Pharma in a research report on Tuesday, September 27th. BTIG Research assumed coverage on shares of Kite Pharma in a research report on Tuesday, August 30th. They set a “neutral” rating for the company. Mizuho restated a “buy” rating and set a $80.00 price objective on shares of Kite Pharma in a research report on Friday, July 22nd. Stifel Nicolaus set a $74.00 price objective on shares of Kite Pharma and gave the company a “buy” rating in a research report on Thursday. Finally, Zacks Investment Research upgraded shares of Kite Pharma from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Tuesday, July 5th. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Kite Pharma currently has a consensus rating of “Buy” and a consensus price target of $74.46.
Shares of Kite Pharma (NASDAQ:KITE) traded up 0.29% on Thursday, reaching $55.82. The company’s stock had a trading volume of 910,841 shares. The firm has a 50 day moving average of $57.42 and a 200 day moving average of $52.05. Kite Pharma has a 52-week low of $38.41 and a 52-week high of $89.84. The company’s market cap is $2.77 billion.
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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, beating the consensus estimate of ($1.21) by $0.30. The business earned $4.80 million during the quarter, compared to analysts’ expectations of $4.86 million. Kite Pharma had a negative return on equity of 32.91% and a negative net margin of 873.86%. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.26) earnings per share. Analysts predict that Kite Pharma will post ($5.87) earnings per share for the current year.
In other news, COO Cynthia M. Butitta sold 10,000 shares of the stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $50.94, for a total transaction of $509,400.00. Following the transaction, the chief operating officer now owns 105,401 shares of the company’s stock, valued at approximately $5,369,126.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Helen Susan Kim sold 35,900 shares of the stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $60.27, for a total transaction of $2,163,693.00. Following the transaction, the executive vice president now directly owns 42,500 shares in the company, valued at approximately $2,561,475. The disclosure for this sale can be found here. Company insiders own 20.60% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Strs Ohio bought a new position in Kite Pharma during the second quarter worth about $120,000. Picton Mahoney Asset Management bought a new position in Kite Pharma during the second quarter worth about $135,000. Howard Hughes Medical Institute boosted its position in Kite Pharma by 11.3% in the second quarter. Howard Hughes Medical Institute now owns 3,431 shares of the biopharmaceutical company’s stock worth $172,000 after buying an additional 348 shares during the period. BNP Paribas Arbitrage SA boosted its position in Kite Pharma by 115.3% in the third quarter. BNP Paribas Arbitrage SA now owns 3,301 shares of the biopharmaceutical company’s stock worth $184,000 after buying an additional 1,768 shares during the period. Finally, BlackRock Inc. boosted its position in Kite Pharma by 91.9% in the second quarter. BlackRock Inc. now owns 4,022 shares of the biopharmaceutical company’s stock worth $201,000 after buying an additional 1,926 shares during the period. 75.28% of the stock is currently owned by institutional investors.
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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