Kite Pharma, Inc. (NASDAQ:KITE) Expected to Post Quarterly Sales of $9.69 Million
Analysts expect Kite Pharma, Inc. (NASDAQ:KITE) to post $9.69 million in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Kite Pharma’s earnings. The lowest sales estimate is $5.20 million and the highest is $12.50 million. Kite Pharma posted sales of $4.80 million in the same quarter last year, which suggests a positive year-over-year growth rate of 101.9%. The firm is expected to report its next quarterly 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 financial year, with estimates ranging from $26.10 million to $49.80 million. For the next financial year, analysts anticipate that the firm will report 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 a mean average based on a survey of research firms that that provide coverage for Kite Pharma.
Kite Pharma (NASDAQ:KITE) last announced its quarterly earnings data on Monday, May 8th. The biopharmaceutical company reported ($1.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.68) by $0.06. The firm had revenue of $9.80 million during the quarter, compared to analyst estimates of $8.85 million. Kite Pharma had a negative net margin of 1,166.54% and a negative return on equity of 55.80%. The business’s quarterly revenue was up 92.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.60) earnings per share.
A number of brokerages have commented on KITE. UBS AG lowered Kite Pharma from an “outperform” rating to a “market perform” rating in a research report on Monday, May 8th. Maxim Group downgraded Kite Pharma from a “buy” rating to a “hold” rating and set a $88.00 price target for the company. in a research note on Thursday, July 13th. Vetr raised Kite Pharma from a “strong sell” rating to a “strong-buy” rating and set a $116.82 price target for the company in a research note on Monday. Jefferies Group LLC raised their price objective on Kite Pharma from $101.00 to $121.00 and gave the company a “buy” rating in a research note on Monday, July 10th. Finally, BTIG Research reissued a “hold” rating on shares of Kite Pharma in a report on Thursday, March 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $87.38.
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Shares of Kite Pharma (KITE) traded up 0.28% during midday trading on Thursday, hitting $105.72. 275,341 shares of the company’s stock traded hands. The company has a 50 day moving average of $94.09 and a 200 day moving average of $74.61. The stock’s market cap is $5.98 billion. Kite Pharma has a 52 week low of $39.82 and a 52 week high of $107.50.
In other news, SVP Jeffrey Wiezorek sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $104.32, for a total value of $1,043,200.00. Following the transaction, the senior vice president now owns 31,071 shares in the company, valued at approximately $3,241,326.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Paul L. Jenkinson bought 3,450 shares of the business’s stock in a transaction dated Wednesday, May 10th. The stock was acquired at an average price of $72.59 per share, for a total transaction of $250,435.50. The disclosure for this purchase can be found here. Over the last three months, insiders bought 70,450 shares of company stock valued at $4,863,126 and sold 371,132 shares valued at $32,078,682. Company insiders own 14.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. purchased a new position in Kite Pharma during the fourth quarter valued at approximately $801,000. State Board of Administration of Florida Retirement System boosted its position in Kite Pharma by 0.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 21,963 shares of the biopharmaceutical company’s stock valued at $985,000 after buying an additional 200 shares during the last quarter. Putnam Investments LLC purchased a new position in Kite Pharma during the fourth quarter valued at $1,031,000. Norges Bank purchased a new position in Kite Pharma during the fourth quarter valued at $16,848,000. Finally, Vident Investment Advisory LLC boosted its position in Kite Pharma by 16.0% in the fourth quarter. Vident Investment Advisory LLC now owns 14,968 shares of the biopharmaceutical company’s stock valued at $671,000 after buying an additional 2,064 shares during the last quarter. Hedge funds and other institutional investors own 85.24% 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.
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