Kite Pharma Inc (NASDAQ:KITE) announced the pricing of an underwritten public offering of 3,625,000 shares of its common stock at a price to the public of $69.00 per share. The gross proceeds to Kite from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be approximately $250.1 million. The offering is expected to close on or about December 15, 2015, subject to customary closing conditions. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 543,750 shares of its common stock at the public offering price, less the underwriting discounts and commissions.
Jefferies LLC and Citigroup Global Markets Inc. are acting as lead book-running managers for the offering. Cowen and Company, LLC and RBC Capital Markets, LLC are acting as joint book-running managers, and Stifel is acting as co-manager. (Original Source)
Shares of Kite Pharma closed yesterday at $70.04, down $4.81 or -6.43%. KITE has a 1-year high of $89.84 and a 1-year low of $44.01. The stock’s 50-day moving average is $76.23 and its 200-day moving average is $65.41.
On the ratings front, Kite Pharma has been the subject of a number of recent research reports. In a report issued on December 7, FBR analyst Edward White maintained a Hold rating on KITE, with a price target of $72, which represents a slight upside potential from current levels. Separately, on December 2, 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 -23.6% and -7.8% respectively. White has a success rate of 16.7% and is ranked #3461 out of 3637 analysts, while McCarthy has a success rate of 30.8% and is ranked #3305.
The street is mostly Bullish on KITE stock. Out of 8 analysts who cover the stock, 6 suggest a Buy rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $105.50, which represents a potential upside of 50.6% from where the stock is currently trading.
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.