Credit Suisse Starts Kite Pharma (KITE) at Outperform

Credit Suisse initiated coverage on Kite Pharma (NASDAQ: KITE) with an Outperform rating and a price target of $34.00.

Analyst Jason Kantor expressed enthusiasm for the CAR T and immuno-oncology space and the company's unique position in the field and fast-to-market strategy. Lead therapy, KTE-C19, is being developed for B-cell malignancies with a lead indication in third-line DLBCL, which has a significant unmet medical need. The company expects to be in pivotal testing in 2015 and launch in 2017. The firm notes KITE is partnered with one of the leading groups in the field, Dr. Rosenberg at the National Cancer Institute (NCI). Kite Pharma is differentiated from other CAR T approaches by speed of manufacturing, and a relatively good safety profile reported to date, the analyst notes.

Commenting on upcoming catalysts, they expect the next clinical update at ASH in December, followed by the initiation of a potentially pivotal Phase I/II trial in H1:15.

Kantor said the would use post-IPO weakness as a buying opportunity, with a view toward clinical success in mid-2016.

For an analyst ratings summary and ratings history on Kite Pharma click here. For more ratings news on Kite Pharma click here.

Shares of Kite Pharma closed at $24.05 yesterday.

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