Maxim Reiterates Buy on Kite Pharma Inc Following Update on Patient Death in KTE-C19 Study
In a research report issued Monday, Maxim Group analyst Jason McCarthy reiterated a Buy rating on shares of Kite Pharma Inc (NASDAQ:KITE) with a price target of $87.00, after the company held a brief conference yesterday morning following reports last week of a patient death in the ongoing phase I/II study of KTE-C19 (CD19 CAR-T) in patients with refractory, aggressive non-Hodgkin’s Lymphoma.
Mccarthy noted, “Kite reiterated, and we agree, that patients with refractory disease in the trial are extremely ill, not responding to other therapies and facing death. Thus, it is not surprising that a patient has passed on during the trial.” The analyst continued, “Our thesis remains unchanged. We believe Kite remains on track to deliver CAR-T data later in 2015. Plus, we continue to see a TCR-heavy pipeline that is under valued and the driver of a valuation gap between Kite and its nearest competitor, Juno.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Mccarthy has a total average return of -4.5% and a 35.0% success rate. Mccarthy has a -1.1% average return when recommending KITE, and is ranked #3161 out of 3738 analysts.
All the 5 analysts polled by TipRanks rate Kite Pharma Inc stock a Buy. With a return potential of 41.8%, the stock’s consensus target price stands at $84.