Kite Pharma Inc (KITE) Prices Public Offering of Common Stock at $75


Kite Pharma Inc (NASDAQ:KITE) announced the pricing of its previously announced underwritten public offering of 4,750,000 shares of its common stock at a price to the public of $75.00 per share. The offering is expected to close on or about March 7, 2017, subject to customary closing conditions. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 712,500 shares of common stock at the public offering price, less the underwriting discounts and commissions.

Shares of Kite Pharma are falling nearly 6% to $74.57 in early trading Thursday. KITE has a 1-year high of $80.82 and a 1-year low of $39.82. The stock’s 50-day moving average is $52.75 and its 200-day moving average is $52.23.

On the ratings front, KITE has been the subject of a number of recent research reports. In a report issued on February 28, Canaccord analyst John Newman reiterated a Buy rating on KITE, with a price target of $75, which reflects a potential downside of 6% from last closing price. On the same day, FBR’s Edward White 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, John Newman and Edward White have a yearly average loss of -7.3% and -5.1% respectively. Newman has a success rate of 38% and is ranked #4408 out of 4512 analysts, while White has a success rate of 37% and is ranked #4271.

Overall, 2 research analysts have assigned a Hold rating and 10 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 $71.00 which is -10.8% under 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. 

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