Kite Pharma (KITE): Reiterate Buy Ahead of ZUMA-1 Results - Mizuho
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Mizuho Securities analyst, Eric Criscuolo, reiterated his Outperform rating on shares of Kite Pharma (NASDAQ: KITE) and expects the Phase II ZUMA-1 trial to meet its ORR endpoint, with the results now expected by the end of 3Q. Full data is expected at ASH, and a FDA filing remains on track for year-end. The analyst thinks KITE could have the NHL market to itself for a year or more. The filing on 3 month data still raises concerns, but he remains confident. An Investor Day October 18 could provide significant clarity on commercialization and long-term strategy.
The investor day on October 18th, should provide additional details on launch preparations, including logistics, initial targeting, and pricing/ reimbursement, which remains a key piece of the puzzle. Pricing in the $300,000 range is a distinct possibility however the analyst is modeling $200,000. He is also looking forward to updates on the AMGN collaboration (relatively quiet since the original announcement in early 2015), as well as updated timelines for current and future ZUMA trials (including earlier-stage DLBCL) and the progress in solid tumors.
No change to the price target of $80.
Shares of Kite Pharma closed at $58.25 yesterday.
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