Short Interest in Kite Pharma, Inc. (KITE) Drops By 32.7%
Kite Pharma, Inc. (NASDAQ:KITE) saw a significant decrease in short interest in August. As of August 31st, there was short interest totalling 5,439,059 shares, a decrease of 32.7% from the August 15th total of 8,077,360 shares. Approximately 10.5% of the shares of the stock are sold short. Based on an average daily volume of 3,797,464 shares, the short-interest ratio is presently 1.4 days.
Shares of Kite Pharma (NASDAQ:KITE) opened at 179.11 on Friday. The stock has a 50 day moving average of $142.97 and a 200 day moving average of $99.24. The firm’s market cap is $10.24 billion. Kite Pharma has a 52-week low of $39.82 and a 52-week high of $179.69.
Kite Pharma (NASDAQ:KITE) last posted its earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($1.94) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.97) by $0.03. The firm had revenue of $10.10 million during the quarter, compared to analysts’ expectations of $9.59 million. Kite Pharma had a negative net margin of 1,117.44% and a negative return on equity of 59.56%. The company’s revenue was up 110.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.91) earnings per share. Equities analysts predict that Kite Pharma will post ($8.23) EPS for the current fiscal year.
In related news, COO Cynthia M. Butitta sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $100.81, for a total transaction of $504,050.00. Following the transaction, the chief operating officer now owns 114,845 shares of the company’s stock, valued at $11,577,524.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Cynthia M. Butitta sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $103.09, for a total transaction of $1,546,350.00. Following the transaction, the chief operating officer now directly owns 132,795 shares in the company, valued at approximately $13,689,836.55. The disclosure for this sale can be found here. Insiders sold 200,849 shares of company stock worth $22,586,128 in the last ninety days. Insiders own 14.00% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Winslow Evans & Crocker Inc. acquired a new stake in Kite Pharma in the second quarter valued at approximately $124,000. Comerica Bank acquired a new stake in Kite Pharma in the second quarter valued at approximately $201,000. Biondo Investment Advisors LLC acquired a new stake in Kite Pharma in the second quarter valued at approximately $218,000. Capital Investment Advisory Services LLC acquired a new stake in Kite Pharma in the second quarter valued at approximately $238,000. Finally, Sheaff Brock Investment Advisors LLC acquired a new stake in Kite Pharma in the second quarter valued at approximately $238,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.
Several equities analysts recently issued reports on KITE shares. Canaccord Genuity set a $90.00 price objective on shares of Kite Pharma and gave the company a “buy” rating in a research note on Tuesday, June 6th. Vetr downgraded shares of Kite Pharma from a “buy” rating to a “hold” rating and set a $116.82 price objective on the stock. in a research note on Monday, August 7th. Cowen and Company reissued a “buy” rating on shares of Kite Pharma in a research note on Wednesday, June 7th. FBR & Co reissued a “buy” rating on shares of Kite Pharma in a research note on Tuesday, May 30th. Finally, Wedbush reissued an “underperform” rating and set a $54.00 price objective on shares of Kite Pharma in a research note on Friday, June 16th. Fifteen equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Kite Pharma has a consensus rating of “Hold” and a consensus price target of $91.10.
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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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