Kite Pharma Inc (NASDAQ:KITE), announced clinical biomarker data from patients with relapsed/refractory B cell malignancies treated with anti-CD19 chimeric antigen receptor (CAR) T-cell therapy in a poster presentation during the 51st Annual Meeting of the American Society of Clinical Oncology (ASCO), which is taking place in Chicago. In an ongoing Phase 1 clinical trial at the National Cancer Institute(NCI), being conducted under a Cooperative Research and Development Agreement (CRADA) between Kite Pharma and the NCI, patients with diverse B cell tumors are conditioned with cyclophosphamide and fludarabine, then dosed with their own T cells genetically modified to express a CAR designed to target the antigen CD19, a protein expressed on the cell surface of B-cell lymphomas and leukemias. As reported at last year’s ASCO meeting, 76% of evaluable patients (N=29) achieved an overall response rate in this study. In this updated biomarker analysis, conditioning chemotherapy was associated with a significant rise in homeostatic cytokines and chemokines, which could favor expansion, activation, and trafficking of CAR T cells. In addition, the recovery of B cells was seen in 7 of 12 patients with ongoing response duration greater than 12 months.
David Chang, M.D., Ph.D., Kite Pharma’s Executive Vice President, Research and Development, and Chief Medical Officer, and an author on the poster, commented, “The results being reported at ASCO provide additional key insights and further deepen our understanding of CAR T-cell therapy. We will continue to investigate biomarkers that may predict the clinical outcome in our ongoing KTE-C19 (anti-CD19 CAR T) clinical program which initiated patient dosing last month.” (Original Source)
Shares of Kite Pharma opened today at $54.27 and are currently trading up at $57.45. KITE has a 1-year high of $89.21 and a 1-year low of $21. The stock’s 50-day moving average is $55.64 and its 200-day moving average is $59.09.
On the ratings front, Kite Pharma has been the subject of a number of recent research reports. In a report issued on May 18, Canaccord Genuity analyst John Newman reiterated a Buy rating on KITE, with a price target of $90, which implies an upside of 65.8% from current levels. Separately, on May 5, Credit Suisse’s Jason Kantor assigned a Buy rating to the stock and has a price target of $79.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, John Newman and Jason Kantor have a total average return of 11.3% and 40.5% respectively. Newman has a success rate of 62.3% and is ranked #320 out of 3610 analysts, while Kantor has a success rate of 63.6% and is ranked #49.
In total, 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $84.50 which is 55.7% above where the stock opened today.
Kite Pharma Inc is a clinical-stage bio pharmaceutical company focused on the development and commercialization of novel cancer immunotherapy products designed to harness the power of a patient’s own immune system to eradicate cancer cells.