Kite Pharma Inc (KITE) Shares Bought by The Manufacturers Life Insurance Company
The Manufacturers Life Insurance Company grew its holdings in shares of Kite Pharma Inc (NASDAQ:KITE) by 22.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,773 shares of the biopharmaceutical company’s stock after acquiring an additional 7,028 shares during the quarter. The Manufacturers Life Insurance Company owned 0.07% of Kite Pharma worth $3,916,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Winslow Evans & Crocker Inc. acquired a new position in Kite Pharma during the second quarter worth about $124,000. Comerica Bank acquired a new position in Kite Pharma during the second quarter worth about $201,000. Biondo Investment Advisors LLC acquired a new position in Kite Pharma during the second quarter worth about $218,000. Capital Investment Advisory Services LLC acquired a new position in Kite Pharma during the second quarter worth about $238,000. Finally, Sheaff Brock Investment Advisors LLC acquired a new position in Kite Pharma during the second quarter worth about $238,000. 87.72% of the stock is owned by hedge funds and other institutional investors.
In other Kite Pharma news, CFO Paul L. Jenkinson sold 948 shares of Kite Pharma stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $179.66, for a total value of $170,317.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Helen Susan Kim sold 79,949 shares of Kite Pharma stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $119.56, for a total value of $9,558,702.44. Following the completion of the transaction, the executive vice president now directly owns 98,613 shares in the company, valued at $11,790,170.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 150,136 shares of company stock worth $20,912,027. 14.00% of the stock is currently owned by insiders.
Kite Pharma (NASDAQ:KITE) last announced its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($1.94) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($1.97) by $0.03. The company had revenue of $10.10 million for the quarter, compared to analysts’ expectations of $9.59 million. Kite Pharma had a negative return on equity of 59.15% and a negative net margin of 1,092.54%. Kite Pharma’s revenue for the quarter was up 110.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.91) EPS.
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KITE has been the subject of several research analyst reports. Canaccord Genuity set a $115.00 target price on Kite Pharma and gave the stock a “buy” rating in a research note on Monday, July 10th. Jefferies Group LLC boosted their target price on Kite Pharma from $101.00 to $121.00 and gave the stock a “buy” rating in a research note on Monday, July 10th. Maxim Group downgraded Kite Pharma from a “buy” rating to a “hold” rating and set a $88.00 target price for the company. in a research note on Thursday, July 13th. Vetr raised Kite Pharma from a “strong sell” rating to a “strong-buy” rating and set a $116.82 target price for the company in a research note on Monday, July 17th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $74.00 target price on shares of Kite Pharma in a research note on Thursday, August 10th. Thirteen equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Kite Pharma presently has an average rating of “Hold” and an average target price of $94.68.
About Kite Pharma
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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