![]() Pfizer's high-profile cosign of CAR-T's potential may have helped buoy Kite's twice-upsized offering, but the biotech is also hitting the market in the midst of a new wave of IPO optimism for the sector. Just this week, Pfizer ($PFE) made a splash by recruiting French biotech Cellectis to help it catch up in the field with a multiproject deal that could be worth billions. Novartis ($NVS) and the venture-backed Juno Therapeutics are already up and running with CAR-T clinical trials, while Celgene ($CELG) and collaborator bluebird bio ($BLUE) have been at work on their own program since last year. Kite, of course, is hardly the first to dive into the potential of CAR-T technology. From there, the biotech plans to work backward, gradually proving the treatment's worth as a second- and first-line therapy and eventually branching out into other lymphomas and leukemias. With its IPO haul, Kite plans to kick off a Phase I/II study on the drug in 2015 and use the results to apply for an accelerated FDA approval that would clear 'C19 for use as a third-line treatment for patients with DLBCL. ![]() The company's lead program, KTE-C19, targets CD19-positive B cell cancers, including diffuse large-B cell lymphoma (DLBCL), an aggressive subtype of non-Hodgkin lymphoma. The bullish optimism around Kite stems from its lead program, which uses chimeric antigen receptors to reprogram a patient's T cells and transform them into cancer-fighting agents, called CAR-T immunotherapies. Kite flipped 7.5 million shares at $17 each, outgrossing its initial target of $115 million and pricing well above its earlier projected range of $12 to $14. How Have Estimates Been Moving Since Then?Īnalysts were quiet during the last one month period as none of them issued any earnings estimate revisions.Biotech upstart Kite Pharma ($KITE) made its Wall Street debut Friday, pulling off an upsized IPO on the strength of investor fervor over a novel, headline-making approach to treating cancer. ![]() The company does not expect to generate any product revenues from axicabtagene ciloleucel in 2017. Operating expenses are expected to be between $490 million and $515 million in 2017. Net cash burn in 2017 is expected to be between $325 million and $340 million. The increase was due to $409.7 million received from a follow-on offering of common stock and $50 million in upfront payment from Daiichi Sankyo. Kite Pharma ended the year with $804.0 million in cash and marketable securities compared with $414 million at the end of the fourth quarter last year. While Kite Pharma’s research and development expenses shot up 91.5% from the year-ago period to $65.9 million in the reported quarter, general and administrative expenses were $35.8 million, up 114.5% from the year-ago period. In the quarter, the company recognized $5.5 million under the Amgen deal and $4.2 million under the Daiichi Sankyo agreement. Kite Pharma reported a loss of $1.74 per share in the first quarter of 2017, wider than the Zacks Consensus Estimate of a loss of $1.68 per share as well as the year-ago loss of $0.90 per share.įirst-quarter revenues came in at $9.84 million, below the Zacks Consensus Estimate of $15.30 million but up almost 92% from the year-ago period. Will the recent positive trend continue leading up to the stock's next earnings release, or is it due for a pullback? Before we dive into how investors and analysts have reacted of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Shares have added about 6.3% in that time frame, outperforming the market. ![]() A month has gone by since the last earnings report for Kite Pharma, Inc. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |