Kite Pharma (KITE): Reiterating Buy Ahead of ZUMA-1 Study - Stifel
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Stifel analyst, Thomas Shrader, reiterated his Buy rating on shares of Kite Pharma (NASDAQ: KITE) ahead of top-line data from the interim analysis of the ZUMA-1 study, due by the end of the month.
The analyst noted that conversations with clinicians that treat these patients suggest that a CR rate above 25% would be impressive and highly approvable. Conventional salvage chemotherapy in these patients would be expected to produce a CR rate of around 8%.
Based on the first seven patients treated, Kite has reported a CR rate of 57%. The analyst believes that expecting to keep up this pace might be unrealistic and he would view a CR rate of 40% (five times current SOC) to be exciting despite being lower than earlier-stage studies conducted in single centers where no physician learning curve was involved.
No change to the price target of $74.
Shares of Kite Pharma closed at $55.58 yesterday.
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