Kite Pharma Inc (NASDAQ:KITE) announced the appointment of Chris Nowers as its Head ofEurope. Nowers will be based in London. In his new role, Nowers will oversee European commercial operations to build awareness in the region of Kite’s growing pipeline portfolio of chimeric antigen receptor (CAR) and T-cell receptor (TCR) therapy product candidates and prepare for the potential launch of the company’s lead product candidate, KTE-C19.
“The addition of Chris Nowers to our executive team will be instrumental to Kite as we expand our global footprint,” said Arie Belldegrun, M.D., FACS, Chairman, President and Chief Executive Officer of Kite. “The breadth of Chris’ commercial experience in global immuno-oncology is impressive, and makes him well-qualified to propel our pipeline of CAR-T and TCR therapy candidates to treat both blood-based and solid cancers into international markets.”
A seasoned executive with 30 years of commercial leadership experience in pharmaceutical, biotech and diagnostics companies, Nowers brings a track record of successfully driving differentiated strategies for product commercialization across therapeutic areas in a competitive global landscape.
“Kite is a truly innovative company at the cusp of transforming the paradigm of cancer treatment, and I am honored to play a role in bringing what could potentially be life-changing therapies to patients around the world,” said Nowers. “I look forward to working with such a dynamic and passionate team to advance our presence in Europe and continue our efforts in developing novel approaches in engineered cell therapy.”
Prior to joining Kite, Nowers held senior commercial leadership positions at Bristol-Myers Squibb, including Head of Immuno-oncology and Hematology in France, where he led the successful launch of Opdivo (nivolumab), and as Vice President of Global Commercialization for Yervoy (ipilimumab), where he led the global commercial launch. Previously, Nowers was Vice President of Sales and Marketing at Genomic Health, Inc., and Chief Executive Officer of Avantogen Oncology Inc., a company developing early-stage cancer therapeutics. Nowers also served 11 years at Amgen Inc. in a variety of commercial leadership roles, including Global Commercial Leader for Neurology and European Director for Oncology and Hematology. (Original Source)
Shares of Kite Pharma closed yesterday at $51.66, down $-3.71 or 6.70%. 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 $57.23 and its 200-day moving average is $52.18.
On the ratings front, KITE has been the subject of a number of recent research reports. In a report issued on October 10, Canaccord Genuity analyst John Newman reiterated a Buy rating on KITE, with a price target of $75, which represents a potential upside of 45.2% from where the stock is currently trading. Separately, on October 7, Jefferies’ Biren Amin reiterated a Buy rating on the stock and has a price target of $72.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, John Newman and Biren Amin have a total average return of -11.5% and 8.5% respectively. Newman has a success rate of 34.7% and is ranked #4066 out of 4182 analysts, while Amin has a success rate of 53.2% and is ranked #360.
Overall, 2 research analysts have assigned a Hold rating and 8 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 $76.00 which is 47.1% above where the stock closed yesterday.
Kite Pharma, Inc. is a clinical stage biotechnology company, which engages in the development and commercialization of novel cancer immunotherapy products designed to target and kill cancer cells. It uses engineered autologous cell therapy, which involves the genetic engineering of T cells. Its lead product candidate, KTE-C19, a CAR-based therapy, which seeks treat patients with refractory diffuse large B-cell lymphoma, primary mediastinal large B-Cell lymphoma, and transformed follicular lymphoma.