H.C. Wainwright Starts Kite Pharma (KITE) at Buy, $78 PT
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H.C. Wainwright initiates coverage on Kite Pharma (NASDAQ: KITE) with a Buy rating and a price target of $78.00.
Analyst Corey Davis commented, "While the competition for Chimeric Antigen Receptor T-cells is intense, Kite should have a big first-mover advantage with KTE-C19, assuming it can indeed be the first FDA approved product in 2017. The advantage of being first is the ability to educate physicians on the technique that is specific to Kite, prove its manufacturing capabilities are fast and efficient, and create powerful brand name recognition and goodwill among all stakeholders for its follow-on products"
Davis said the powerful Phase 2 data from ZUMA-1 should be sufficient for approval.
Catalysts that could move the stock over the next several months:
- Nov. 21—late breaker ASH abstracts released.
- Dec. 3-6—multiple presentations at the ASH conference, including a potential late-breaker on the 6th with 3-month data from 72 patients in Cohort 1 of the ZUMA-1 trial.
- 4Q16—Filing of the rolling BLA for KTE-C19.
- 4Q16—ZUMA-3 and ZUMA-4 Phase 1 for KTE-C19 in ALL.
- 1Q17—Final six month data from ZUMA-1.
- 4Q17—Anticipated FDA approval and launch of KTE-C19.
Shares of Kite Pharma closed at $51.80 yesterday.
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