Kite Pharma Inc (NASDAQ:KITE), a clinical-stage biopharmaceutical company focused on developing engineered autologous T cell therapy (eACT™) products for the treatment of cancer, today announced that the Company has entered into an exclusive, worldwide license with the National Institutes of Health (NIH) for intellectual property related to T Cell Receptor (TCR)-based product candidates directed against MAGE A3 and A3/A6 antigens for the treatment of tumors expressing MAGE, which include lung, pancreatic, gastric, and breast cancers, among others. The National Cancer Institute (NCI), with Dr. Steven A. Rosenberg, M.D., Ph.D., Chief of Surgery at the NCI and a special advisor to Kite, as principal investigator, is currently conducting two Phase 1-2a clinical trials of TCR-based product candidates targeting the MAGE antigens under a Cooperative Research and Development Agreement (CRADA) between Kite and the NCI. Pursuant to the terms of the license agreement, NIH will receive from Kite an upfront payment and certain clinical, regulatory, and sales milestone payments, as well as royalties on net sales of products covered by the license.
“We are pleased to announce this license with NIH, which further expands our therapeutic pipeline programs to treat diverse solid tumors,” stated Arie Belldegrun, M.D., FACS, Kite’s President and Chief Executive Officer. “We believe that our broad portfolio of TCR product candidates, including those targeting MAGE antigens, holds great promise in addressing the significant unmet needs of patients.” (Original Source)
Shares of Kite Pharma Inc closed yesterday at $67.71. KITE has a 1-year high of $89.21 and a 1-year low of $31.75. The stock’s 50-day moving average is $60.08 and its 200-day moving average is $60.32.
On the ratings front, Kite Pharma has been the subject of a number of recent research reports. In a report issued on October 16, Maxim Group analyst Jason McCarthy reiterated a Buy rating on KITE, with a price target of $87, which implies an upside of 28.5% from current levels. Separately, on the same day, Stifel Nicolaus’ Thomas Shrader reiterated a Buy rating on the stock and has a price target of $83.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason McCarthy and Thomas Shrader have a total average return of -6.1% and -3.8% respectively. McCarthy has a success rate of 56.7% and is ranked #3334 out of 3793 analysts, while Shrader has a success rate of 42.1% and is ranked #3042.
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.