Kite Pharma, Inc. (KITE) Downgraded by Raymond James Financial, Inc.

Raymond James Financial, Inc. lowered shares of Kite Pharma, Inc. (NASDAQ:KITE) from an outperform rating to a mkt perform rating in a report published on Monday, May 15th, StockTargetPrices.com reports.

Several other brokerages also recently commented on KITE. Canaccord Genuity restated a buy rating and set a $90.00 price objective on shares of Kite Pharma in a research report on Tuesday, May 9th. Roth Capital reaffirmed a buy rating and set a $93.00 target price on shares of Kite Pharma in a research note on Thursday, April 6th. Zacks Investment Research raised shares of Kite Pharma from a sell rating to a hold rating in a research note on Thursday, March 2nd. Citigroup Inc. cut shares of Kite Pharma from a buy rating to a neutral rating and boosted their target price for the stock from $62.00 to $87.00 in a research note on Thursday, March 2nd. Finally, Vetr cut shares of Kite Pharma from a buy rating to a hold rating and set a $83.76 target price on the stock. in a research note on Monday, April 17th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average price target of $83.13.

Kite Pharma (NASDAQ KITE) traded up 0.14% during midday trading on Monday, reaching $87.85. The company had a trading volume of 1,237,834 shares. The company’s market capitalization is $4.97 billion. Kite Pharma has a one year low of $39.82 and a one year high of $91.76. The stock’s 50 day moving average is $78.04 and its 200 day moving average is $66.04.

Kite Pharma (NASDAQ:KITE) last announced its quarterly earnings data on Monday, May 8th. The biopharmaceutical company reported ($1.74) EPS for the quarter, missing the consensus estimate of ($1.68) by $0.06. Kite Pharma had a negative net margin of 1,166.54% and a negative return on equity of 55.80%. The firm had revenue of $9.80 million for the quarter, compared to analyst estimates of $8.85 million. During the same quarter in the prior year, the firm earned ($0.60) earnings per share. The firm’s revenue for the quarter was up 92.2% on a year-over-year basis. Equities research analysts forecast that Kite Pharma will post ($8.05) earnings per share for the current fiscal year.

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In other Kite Pharma news, Director Farah Champsi sold 123,913 shares of the stock in a transaction dated Wednesday, April 26th. The shares were sold at an average price of $82.67, for a total value of $10,243,887.71. Following the completion of the sale, the director now owns 79,152 shares in the company, valued at approximately $6,543,495.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Steven B. Ruchefsky sold 20,000 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $89.48, for a total transaction of $1,789,600.00. Following the completion of the sale, the director now owns 205,426 shares of the company’s stock, valued at approximately $18,381,518.48. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 70,450 shares of company stock worth $4,863,126 and sold 448,908 shares worth $37,369,692. Corporate insiders own 20.60% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Kite Pharma by 2.2% in the third quarter. BlackRock Inc. now owns 4,112 shares of the biopharmaceutical company’s stock worth $229,000 after buying an additional 90 shares in the last quarter. Profund Advisors LLC increased its position in Kite Pharma by 0.8% in the first quarter. Profund Advisors LLC now owns 21,361 shares of the biopharmaceutical company’s stock worth $1,677,000 after buying an additional 161 shares in the last quarter. Boyer & Corporon Wealth Management LLC increased its position in Kite Pharma by 1.8% in the third quarter. Boyer & Corporon Wealth Management LLC now owns 10,203 shares of the biopharmaceutical company’s stock worth $570,000 after buying an additional 178 shares in the last quarter. State Board of Administration of Florida Retirement System increased its position in Kite Pharma by 0.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 21,963 shares of the biopharmaceutical company’s stock worth $985,000 after buying an additional 200 shares in the last quarter. Finally, Amalgamated Bank increased its position in Kite Pharma by 6.6% in the first quarter. Amalgamated Bank now owns 5,131 shares of the biopharmaceutical company’s stock worth $403,000 after buying an additional 317 shares in the last quarter. 85.37% of the stock is owned by hedge funds and other institutional investors.

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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