Kite Pharma, Inc. (KITE) Posts Quarterly Earnings Results
Kite Pharma, Inc. (NASDAQ:KITE) issued its earnings results on Tuesday. The biopharmaceutical company reported ($1.94) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.97) by $0.03, MarketWatch Earnings reports. The firm had revenue of $10.10 million for the quarter, compared to analyst estimates of $9.59 million. Kite Pharma had a negative return on equity of 55.80% and a negative net margin of 1,166.54%. The business’s revenue was up 110.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.91) earnings per share.
Kite Pharma (NASDAQ KITE) opened at 120.13 on Wednesday. The stock has a 50 day moving average price of $103.84 and a 200-day moving average price of $79.27. The stock’s market capitalization is $6.79 billion. Kite Pharma has a 12-month low of $39.82 and a 12-month high of $122.19.
In related news, Director Roy Doumani sold 15,000 shares of Kite Pharma stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $84.48, for a total value of $1,267,200.00. Following the completion of the transaction, the director now owns 155,017 shares in the company, valued at $13,095,836.16. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Timothy L. Moore sold 6,000 shares of Kite Pharma stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $110.06, for a total value of $660,360.00. Following the completion of the transaction, the executive vice president now owns 55,400 shares of the company’s stock, valued at approximately $6,097,324. The disclosure for this sale can be found here. In the last quarter, insiders sold 165,099 shares of company stock valued at $16,244,448. 14.00% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Winslow Evans & Crocker Inc. bought a new position in Kite Pharma during the second quarter valued at approximately $124,000. Baillie Gifford & Co. acquired a new position in shares of Kite Pharma during the first quarter valued at about $201,000. Comerica Bank acquired a new position in shares of Kite Pharma during the second quarter valued at about $201,000. Turner Investments LLC acquired a new position in shares of Kite Pharma during the first quarter valued at about $235,000. Finally, Capital Investment Advisory Services LLC acquired a new position in shares of Kite Pharma during the second quarter valued at about $238,000. Institutional investors own 84.96% of the company’s stock.
Several brokerages have issued reports on KITE. Vetr lowered Kite Pharma from a “buy” rating to a “hold” rating and set a $116.82 target price on the stock. in a research note on Monday. Maxim Group lowered Kite Pharma from a “buy” rating to a “hold” rating and set a $88.00 target price on the stock. in a research note on Thursday, July 13th. Jefferies Group LLC boosted 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. Canaccord Genuity set a $115.00 price objective on Kite Pharma and gave the company a “buy” rating in a research note on Monday, July 10th. Finally, Roth Capital reiterated a “buy” rating and set a $93.00 price objective on shares of Kite Pharma in a research note on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $87.38.
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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