Kite Pharma Inc (KITE) reported quarterly earnings results on Monday, May-9-2016. The company said it had a profit of $-0.60 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.13. Analysts had a consensus of $-0.73. The company posted revenue of $5.10 million in the period, compared to analysts expectations of $4.61 million. The company’s revenue was up 77.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.36 EPS.
Many Wall Street Analysts have commented on Kite Pharma Inc. Citigroup Initiated Kite Pharma Inc on Feb 25, 2016 to “Buy”, Price Target of the shares are set at $67.
Kite Pharma Inc opened for trading at $43.54 and hit $45.06 on the upside on Friday, eventually ending the session at $44.65, with a gain of 1.96% or 0.86 points. The heightened volatility saw the trading volume jump to 7,00,139 shares. Company has a market cap of $2,181 M.
In a different news, on Apr 6, 2016, Cynthia M Butitta (COO and CFO) sold 10,000 shares at $50.00 per share price. According to the SEC, on Mar 17, 2016, Jeffrey Wiezorek (SVP Clinical Development) sold 9,000 shares at $46.05 per share price. On Mar 17, 2016, Rizwana F Sproule (VP Regulatory Affairs) sold 8,500 shares at $46.58 per share price, according to the Form-4 filing with the securities and exchange commission.
Kite Pharma Inc. is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of cancer immunotherapy products to eradicate cancer cells. The Company does this using its engineered autologous cell therapy (eACT) which is an approach to the treatment of cancer. eACT involves the genetic engineering of T cells to express either chimeric antigen receptors (CARs) or T cell receptors (TCRs). It is conducting a Phase II clinical trial of a TCR-based therapy and multiple Phase I-IIa clinical trials of CAR- and TCR-based therapies. The Company’s lead product candidate KTE-C19 is a CAR-based therapy for the treatment of refractory diffuse large B cell lymphoma (DLBCL) primary mediastinal B cell lymphoma (PMBCL) and transformed follicular lymphoma (TFL). It is developing a pipeline of eACT-based product candidates for the treatment of advanced solid and hematological malignancies: CD19CAR KTE-C19CAR and EGFRvlll CAR among others.