The Maxim Group Reiterates $77.00 Price Target for Kite Pharma Inc. (KITE)

The Maxim Group Reiterates $77.00 Price Target for Kite Pharma Inc. (KITE)

Kite Pharma Inc. (NASDAQ:KITE) has been given a $77.00 target price by Maxim Group in a report released on Thursday. The firm presently has a a “buy” rating on the biopharmaceutical company’s stock. Maxim Group’s price target indicates a potential upside of 38.34% from the company’s current price.

A number of other research firms also recently commented on KITE. Stifel Nicolaus set a $74.00 price objective on Kite Pharma and gave the stock a “buy” rating in a report on Thursday. FBR & Co reiterated an “outperform” rating and set a $78.00 target price on shares of Kite Pharma in a report on Tuesday, September 27th. BTIG Research reiterated a “neutral” rating on shares of Kite Pharma in a report on Tuesday, September 27th. Jefferies Group reiterated a “buy” rating and set a $72.00 target price on shares of Kite Pharma in a report on Tuesday, September 27th. Finally, Barclays PLC raised their target price on Kite Pharma from $60.00 to $65.00 and gave the company an “equal weight” rating in a report on Tuesday, September 27th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Kite Pharma currently has an average rating of “Buy” and an average target price of $74.46.

Shares of Kite Pharma (NASDAQ:KITE) traded up 0.11% during midday trading on Thursday, reaching $55.72. 975,773 shares of the company’s stock traded hands. The stock’s 50 day moving average is $57.42 and its 200-day moving average is $52.05. The company’s market capitalization is $2.76 billion. Kite Pharma has a 52 week low of $38.41 and a 52 week high of $89.84.

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Kite Pharma (NASDAQ:KITE) last issued its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $4.80 million for the quarter, compared to analyst estimates of $4.86 million. During the same period last year, the company earned ($0.26) EPS. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. On average, analysts forecast that Kite Pharma will post ($5.87) earnings per share for the current fiscal year.

In related news, 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 transaction of $509,400.00. Following the completion of the transaction, the chief operating officer now owns 105,401 shares in the company, valued at approximately $5,369,126.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jeffrey Wiezorek sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $56.90, for a total value of $85,350.00. Following the transaction, the senior vice president now owns 16,367 shares of the company’s stock, valued at approximately $931,282.30. The disclosure for this sale can be found here. 20.60% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Fund Advisors raised its position in Kite Pharma by 14.6% in the first quarter. BlackRock Fund Advisors now owns 1,508,215 shares of the biopharmaceutical company’s stock worth $69,242,000 after buying an additional 192,512 shares in the last quarter. First Republic Investment Management Inc. raised its position in Kite Pharma by 101.1% in the first quarter. First Republic Investment Management Inc. now owns 739,867 shares of the biopharmaceutical company’s stock worth $33,967,000 after buying an additional 372,034 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Kite Pharma by 7.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 956,903 shares of the biopharmaceutical company’s stock worth $43,931,000 after buying an additional 62,968 shares in the last quarter. State Street Corp raised its position in Kite Pharma by 30.6% in the first quarter. State Street Corp now owns 1,332,147 shares of the biopharmaceutical company’s stock worth $61,162,000 after buying an additional 312,481 shares in the last quarter. Finally, Moody Aldrich Partners LLC bought a new position in Kite Pharma during the second quarter worth about $694,000. Institutional investors and hedge funds own 75.28% of the company’s stock.

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