Kite Pharma (KITE): Topline Data From PII ZUMA-1 Shows Approvability - Jefferies
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Jefferies analyst, Biren Amin, reiterated his Buy rating on shares of Kite Pharma (NASDAQ: KITE) after the company reported topline data from the PII ZUMA-1 study in NHL. The 3-month interim analysis reported an ORR/CR of 79%/52% with a 3-month rate of 44%/39%. In DLBCL, KITE reported an ORR/CR of 76%/47% that moderated to 39%/33% at 3 months. the analyst views the 3-month CR rate across the entire ZUMA-1 cohort as favorable and suggestive of a durable response.
These results support the approvability of KTE-C19 and there are likely to be more details at KITE's investor day (10/18/16) as well as more information around the commercial aspects of KTE-C19 and ASH in December. An FDA mtg is planned in the next few months that could lead to a BLA filing in DLBCL, TFL, and PMBCL by YE2016.
No change to the price target of $72.
Shares of Kite Pharma closed at $54.98 yesterday.
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