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Kite Pharma Inc (KITE) Posts Earnings Results, Misses Expectations By $0.69 EPS

Kite Pharma Inc (KITE) Posts Earnings Results, Misses Expectations By $0.69 EPS

On 4/25/2017 Farah Champsi, Director, sold 46,783 with an average share price of $82.80 per share and the total transaction amounting to $3,873,632.40.

Kite Pharma was off by 15% in morning trading after it announced the death of a patient in late April of cerebral edema-the very same fatal outcome that beset rival Juno's Rocket trial, killing five people and its CAR-T program for JCAR015. Kite Pharma Inc has a 52-week low of $39.82 and a 52-week high of $88.58. Kite Pharma has recorded a 50-day average of $79.78 and a two hundred day average of $59.84. The biopharmaceutical company reported ($1.70) earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of ($1.75) by $0.05. BlackRock Institutional Trust Company N.A. raised its position in Kite Pharma by 4.0% in the third quarter. Kite Pharma had a negative return on equity of 39.26% and a negative net margin of 994.89%. The company's revenue was up.0% on a year-over-year basis. During the same quarter previous year, the company earned ($0.54) EPS. Equities analysts forecast that Kite Pharma Inc will post ($8.14) EPS for the current year.

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Institutional investors and hedge funds own 80.73% of the company's stock. BB Biotech AG boosted its position in Kite Pharma by 6.7% in the third quarter.

As the earnings date approaches, we can see that insider ownership is now 1.40% shares, and institutional ownership is at 84.20% for Kite Pharma, Inc.

But Cowen analyst Eric Schmidt defended his Outperform rating on the stock, referring to today's selloff as "a buying opportunity". Boyer & Corporon Wealth Management LLC now owns 10,203 shares of the biopharmaceutical company's stock valued at $570,000 after buying an additional 178 shares during the last quarter. Finally, Pacad Investment Ltd. acquired a new position in Kite Pharma during the fourth quarter worth $269,000. Howard Hughes Medical Institute now owns 3,700 shares of the biopharmaceutical company's stock worth $207,000 after buying an additional 269 shares during the period.

Currently, KITE stock has a Zacks Rank #3 (Hold), but that could definitely change following the company's earnings report which was just released. Zacks Investment Research upgraded Kite Pharma from a sell rating to a hold rating in a research note on Thursday, March 2nd. Roth Capital set a $93.00 price target on shares of Kite Pharma and gave the company a "buy" rating in a research report on Monday, March 20th.

Kite Pharma Inc (NASDAQ:KITE) shares tumbled almost 13% to $70.99 in Monday's trading session, after the drug maker announced a grade 5 case of Cytokine Release Syndrome resulting in death from cerebral edema in its ZUMA-1 expansion study. Maxim Group reissued a buy rating and issued a $77.00 target price on shares of Kite Pharma in a research note on Tuesday, January 17th.


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