Trade Report: The Goldman Sachs Group Inc. Reaffirms Buy Rating for Kite Pharma Inc. (KITE)

The Goldman Sachs Group Inc. Reaffirms Buy Rating for Kite Pharma Inc. (KITE)

Goldman Sachs Group Inc. reaffirmed their buy rating on shares of Kite Pharma Inc. (NASDAQ:KITE) in a research note published on Monday. The firm currently has a $70.00 price objective on the biopharmaceutical company’s stock.

Several other research firms also recently weighed in on KITE. Jefferies Group reiterated a buy rating and issued a $72.00 target price on shares of Kite Pharma in a research note on Tuesday, September 27th. BTIG Research initiated coverage on shares of Kite Pharma in a research note on Tuesday, August 30th. They issued a neutral rating for the company. Mizuho reiterated a buy rating and issued a $80.00 target price on shares of Kite Pharma in a research note 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, October 6th. 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 investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $73.03.

Kite Pharma (NASDAQ:KITE) opened at 51.66 on Monday. Kite Pharma has a 52-week low of $38.41 and a 52-week high of $89.84. The company’s 50-day moving average is $56.79 and its 200-day moving average is $52.36. The firm’s market capitalization is $2.56 billion.

Kite Pharma (NASDAQ:KITE) last posted its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.91) earnings per share for the quarter, topping the consensus estimate of ($1.21) by $0.30. The firm earned $4.80 million during the quarter, compared to the consensus estimate of $4.86 million. Kite Pharma had a negative net margin of 873.86% and a negative return on equity of 32.91%. The company’s revenue was up 9.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.26) earnings per share. Analysts forecast that Kite Pharma will post ($5.87) EPS for the current fiscal year.

In other Kite Pharma news, SVP Jeffrey Wiezorek sold 1,500 shares of Kite Pharma stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $54.81, for a total transaction of $82,215.00. Following the transaction, the senior vice president now directly owns 17,311 shares of the company’s stock, valued at $948,815.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Cynthia M. Butitta sold 10,000 shares of Kite Pharma stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $50.94, for a total transaction of $509,400.00. Following the transaction, the chief operating officer now directly owns 105,401 shares in the company, valued at $5,369,126.94. The disclosure for this sale can be found here. Company insiders own 20.60% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. TIAA CREF Investment Management LLC increased its position in shares of Kite Pharma by 0.6% in the first quarter. TIAA CREF Investment Management LLC now owns 158,118 shares of the biopharmaceutical company’s stock valued at $7,259,000 after buying an additional 865 shares during the last quarter. Teachers Advisors Inc. increased its position in shares of Kite Pharma by 7.4% in the first quarter. Teachers Advisors Inc. now owns 86,351 shares of the biopharmaceutical company’s stock valued at $3,964,000 after buying an additional 5,946 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Kite Pharma by 0.7% in the first quarter. Franklin Resources Inc. now owns 402,444 shares of the biopharmaceutical company’s stock valued at $18,476,000 after buying an additional 2,700 shares during the last quarter. BlackRock Group LTD increased its position in shares of Kite Pharma by 52.8% in the first quarter. BlackRock Group LTD now owns 29,816 shares of the biopharmaceutical company’s stock valued at $1,370,000 after buying an additional 10,303 shares during the last quarter. Finally, BlackRock Fund Advisors increased its position in shares of Kite Pharma by 14.6% in the first quarter. BlackRock Fund Advisors now owns 1,508,215 shares of the biopharmaceutical company’s stock valued at $69,242,000 after buying an additional 192,512 shares during the last quarter. 75.28% of the stock is currently owned by hedge funds and other institutional investors.

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