Kite Pharma Inc (NASDAQ:KITE), a clinical-stage biopharmaceutical company focused on developing engineered autologous cell therapy (eACT™) products for the treatment of cancer, today announced that it has initiated a phase 1/2 clinical study of KTE-C19 (ZUMA-3) for the treatment of adult patients with r/r ALL. KTE-C19 is an investigational therapy in which a patient’s T cells are genetically modified to express a chimeric antigen receptor designed to target the antigen CD19, a protein expressed on the cell surface of B-cell lymphomas and leukemias.
“Kite has achieved an important milestone this year, with the initiation of our third company-sponsored clinical trial for our lead product candidate, KTE-C19,” said Arie Belldegrun, M.D., FACS, Chairman, President and Chief Executive Officer. “The breadth of our KTE-C19 registration program underscores our commitment to addressing critical unmet needs in cancer treatment. We are grateful to all the patients, caregivers, and members of the medical community who have participated in our clinical programs.”
ZUMA-3 will proceed as a single-arm, open-label, multi-center study in patients with ALL whose disease is refractory to or has relapsed following standard chemotherapy or hematopoietic stem cell transplantation. The phase 1 portion of ZUMA-3 will assess the safety of KTE-C19, and the phase 2 portion will assess efficacy and safety. The study will target to enroll a total of 75 patients. Additional details about this study can be found on ClinicalTrials.gov, using Identifier NCT: 02614066. (Original Source)
Shares of Kite Pharma closed yesterday at $76.05, down $6.32 or -7.67%. KITE has a 1-year high of $89.84 and a 1-year low of $40.42. The stock’s 50-day moving average is $74.85 and its 200-day moving average is $64.60.
On the ratings front, Kite has been the subject of a number of recent research reports. In a report issued on November 18, Goldman Sachs analyst Salveen Richter initiated coverage with a Buy rating on KITE and a price target of $111, which implies an upside of 46.0% from current levels. Separately, on November 13, Canaccord Genuity’s John Newman reiterated a Buy rating on the stock and has a price target of $90.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Salveen Richter and John Newman have a total average return of 31.1% and 2.3% respectively. Richter has a success rate of 68.6% and is ranked #71 out of 3644 analysts, while Newman has a success rate of 46.1% and is ranked #1039.
The street is mostly Bullish on KITE stock. Out of 8 analysts who cover the stock, 6 suggest a Buy rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $97.20, which represents a potential upside of 27.8% from where the stock is currently trading.
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.