Kite Pharma, Inc. (KITE) Expected to Announce Quarterly Sales of $9.69 Million
Wall Street brokerages forecast that Kite Pharma, Inc. (NASDAQ:KITE) will report $9.69 million in sales for the current quarter, Zacks reports. Seven analysts have issued estimates for Kite Pharma’s earnings, with the highest sales estimate coming in at $12.50 million and the lowest estimate coming in at $5.20 million. Kite Pharma posted sales of $4.80 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 101.9%. The company is expected to report its next earnings results on Monday, August 14th.
On average, analysts expect that Kite Pharma will report full year sales of $9.69 million for the current year, with estimates ranging from $26.10 million to $49.80 million. For the next fiscal year, analysts forecast that the company will post sales of $183.71 million per share, with estimates ranging from $127.83 million to $228.50 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Kite Pharma.
Kite Pharma (NASDAQ:KITE) last issued its quarterly earnings data on Monday, May 8th. The biopharmaceutical company reported ($1.74) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.68) by $0.06. Kite Pharma had a negative return on equity of 55.80% and a negative net margin of 1,166.54%. The firm had revenue of $9.80 million during the quarter, compared to the consensus estimate of $8.85 million. During the same period in the previous year, the firm earned ($0.60) EPS. The business’s revenue was up 92.2% on a year-over-year basis.
KITE has been the subject of a number of research analyst reports. Roth Capital set a $93.00 target price on Kite Pharma and gave the stock a “buy” rating in a research note on Monday, March 20th. Vetr upgraded Kite Pharma from a “hold” rating to a “buy” rating and set a $78.37 target price for the company in a research note on Monday, March 27th. Goldman Sachs Group, Inc. (The) raised their target price on Kite Pharma from $85.00 to $89.00 and gave the stock a “buy” rating in a research note on Tuesday, May 9th. Wedbush lowered Kite Pharma from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $60.00 to $54.00 in a research note on Tuesday, May 9th. Finally, Jefferies Group LLC set a $101.00 target price on Kite Pharma and gave the stock a “buy” rating in a research note on Friday, May 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $83.13.
Shares of Kite Pharma (NASDAQ KITE) opened at 100.66 on Friday. Kite Pharma has a one year low of $39.82 and a one year high of $101.47. The company has a 50 day moving average price of $78.48 and a 200 day moving average price of $66.86. The company’s market cap is $5.69 billion.
In other news, Director Farah Champsi sold 20,450 shares of the firm’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $89.79, for a total transaction of $1,836,205.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Steven B. Ruchefsky sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $89.48, for a total value of $1,789,600.00. Following the sale, the director now owns 205,426 shares in the company, valued at $18,381,518.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 70,450 shares of company stock worth $4,863,126 and have sold 448,908 shares worth $37,369,692. 20.60% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the stock. Baillie Gifford & Co. acquired a new stake in Kite Pharma during the first quarter worth approximately $201,000. Turner Investments LLC acquired a new stake in Kite Pharma during the first quarter worth approximately $235,000. WFG Advisors LP acquired a new stake in Kite Pharma during the fourth quarter worth approximately $328,000. Neuberger Berman Group LLC acquired a new stake in Kite Pharma during the first quarter worth approximately $276,000. Finally, Teacher Retirement System of Texas acquired a new stake in Kite Pharma during the first quarter worth approximately $282,000. Hedge funds and other institutional investors own 85.33% of the company’s stock.
Kite Pharma Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Kite Pharma Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kite Pharma Inc. and related companies with MarketBeat.com's FREE daily email newsletter.