Kite Pharma Inc (NASDAQ:KITE) announced results from SCHOLAR-1 (Retrospective Non-Hodgkin Lymphoma Research), the first, large, systematic, multi-institutional, patient-level meta-analysis of outcomes from 635 patients with chemorefractory diffuse large B-cell lymphoma (DLBCL). The study showed that patients with chemorefractory disease – defined as disease that does not respond to treatment with a chemotherapy-based regimen or has relapsed less than 12 months after autologous stem cell transplant (ASCT) – have consistently poor outcomes regardless of refractory subgroup, line of therapy, and disease stage. The study will be presented today at the 2016 American Society of Clinical Oncology (ASCO) Annual Meeting.
“These study results are important because they confirm the regrettable outcomes that have been observed in the clinical setting for people with this difficult-to-treat form of DLBCL,” said Dr. John Kuruvilla, Associate Professor of Medicine at the University of Toronto, and a clinical investigator in the Department of Medical Oncology at Princess Margaret Cancer Centre in Toronto. “While DLBCL is considered curable with initial chemotherapy-based treatment, patients with chemorefractory DLBCL have limited-to-no treatment options and historically poor outcomes, underscoring the significant need for new therapies.”
According to the American Cancer Society, non-Hodgkin lymphoma (NHL) accounts for about four percent of all cancers in the United States, making it one of the most common cancers diagnosed. DLBCL is the most common form of the disease, accounting for one out of every three cases of NHL.1It is estimated that approximately 26,000 people will be diagnosed with DLBCL in the United States in 2016.
“Little is known about the outcomes of people with chemorefractory DLBCL, leaving a large gap in the treatment landscape. These data help to track the course of the disease and provide an important historical benchmark for studies in this patient population,” said David Chang, M.D., Ph.D., Kite’s Executive Vice President, Research and Development, and Chief Medical Officer. “We are proud to partner with clinicians, scientists and researchers at MD Anderson Cancer Center, the Mayo Clinic, the University of Iowa, the Canadian Cancer Trials Group, and LYSARC (The Lymphoma Academic Research Organisation) to help establish a better understanding of the disease to determine how best to treat patients with chemorefractory DLBCL.” (Original Source)
Shares of Kite closed last Friday at $52.08, down $2.79 or 5.08%. KITE has a 1-year high of $89.84 and a 1-year low of $38.41. The stock’s 50-day moving average is $47.05 and its 200-day moving average is $53.09.
On the ratings front, Kite has been the subject of a number of recent research reports. In a report issued on June 2, FBR analyst Edward White reiterated a Buy rating on KITE. Separately, on the same day, Maxim Group’s Jason McCarthy reiterated a Buy rating on the stock and has a price target of $87.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Edward White and Jason McCarthy have a total average return of 2.8% and 7.5% respectively. White has a success rate of 61.3% and is ranked #1063 out of 3894 analysts, while McCarthy has a success rate of 52.8% and is ranked #484.
The street is mostly Bullish on KITE stock. Out of 7 analysts who cover the stock, 7 suggest a Buy rating . The 12-month average price target assigned to the stock is $79.50, which implies an upside of 52.6% from current levels.
Kite Pharma, Inc. operates as a clinical stage biotechnology company, which engages in the development and commercialization of novel cancer immunotherapeutic products with focus on engineered autologous T cell therapeutics targeted to different tumor types. It’s novel therapeutic cancer vaccine aimed to trigger potent and specific immunity against multiple epithelial cancers, which has the potential to complement its eACT programs. The company was founded by Arie S. Belldegrun, James S. Economou and Joshua A. Kazam in June 2009 and is headquartered in Santa Monica, CA.