Trade Report: The Kite Pharma Inc. (KITE) Earns “Buy” Rating from Canaccord Genuity

The Kite Pharma Inc. (KITE) Earns “Buy” Rating from Canaccord Genuity

Kite Pharma Inc. (NASDAQ:KITE)‘s stock had its “buy” rating restated by equities research analysts at Canaccord Genuity in a research report issued to clients and investors on Friday.

The analysts wrote, “BeiGene presented updated clinical data for its BTK inhibitor BGB-3111 in patients with Waldenström’s Macroglobulinemia (WM) at the International Workshop on Waldenström’s Macroglobulinemia and Symposium on Advances in Multiple Myeloma (IWWM-9) in Amsterdam, the Netherlands.””

Several other brokerages have also weighed in on KITE. Jefferies Group reissued a “buy” rating and issued a $72.00 price objective on shares of Kite Pharma in a report on Tuesday, September 27th. BTIG Research started coverage on Kite Pharma in a report on Tuesday, August 30th. They issued a “neutral” rating for the company. Mizuho reissued a “buy” rating and issued a $80.00 price objective on shares of Kite Pharma in a report on Friday, July 22nd. Stifel Nicolaus set a $74.00 price objective on Kite Pharma and gave the company a “buy” rating in a report on Thursday. Finally, Zacks Investment Research raised Kite Pharma from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a report on Tuesday, July 5th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $74.46.

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Shares of Kite Pharma (NASDAQ:KITE) traded up 0.11% during trading on Friday, hitting $55.72. The stock had a trading volume of 1,109,150 shares. The firm’s market cap is $2.76 billion. The firm’s 50-day moving average is $57.42 and its 200-day moving average is $52.05. Kite Pharma has a one year low of $38.41 and a one year high of $89.84.

Kite Pharma (NASDAQ:KITE) last announced its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.91) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.21) by $0.30. Kite Pharma had a negative return on equity of 32.91% and a negative net margin of 873.86%. The business had revenue of $4.80 million for the quarter, compared to analyst estimates of $4.86 million. During the same period in the previous year, the company earned ($0.26) earnings per share. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. Equities research analysts forecast that Kite Pharma will post ($5.87) EPS for the current year.

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

Large investors have recently made changes to their positions in the company. Boyer & Corporon Wealth Management LLC boosted its stake in shares of Kite Pharma by 1.7% in the second quarter. Boyer & Corporon Wealth Management LLC now owns 10,025 shares of the biopharmaceutical company’s stock valued at $501,000 after buying an additional 165 shares during the last quarter. Howard Hughes Medical Institute boosted its stake in shares of Kite Pharma by 11.3% in the second quarter. Howard Hughes Medical Institute now owns 3,431 shares of the biopharmaceutical company’s stock valued at $172,000 after buying an additional 348 shares during the last quarter. Palisade Capital Management LLC NJ boosted its stake in shares of Kite Pharma by 6.2% in the second quarter. Palisade Capital Management LLC NJ now owns 8,466 shares of the biopharmaceutical company’s stock valued at $423,000 after buying an additional 494 shares during the last quarter. Rice Hall James & Associates LLC boosted its stake in shares of Kite Pharma by 1.4% in the second quarter. Rice Hall James & Associates LLC now owns 41,001 shares of the biopharmaceutical company’s stock valued at $2,050,000 after buying an additional 580 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in shares of Kite Pharma by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 5,364 shares of the biopharmaceutical company’s stock valued at $268,000 after buying an additional 651 shares during the last quarter. 75.28% of the stock is currently owned by hedge funds and other institutional investors.

Kite Pharma Company Profile

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