Kite's CAR-T therapy shows remarkable efficacy and is positioned to reach the DLBCL market first.
News in Kite's first-quarter earnings call that a patient died in the CAR-T program caused shares to plummet over 10% on May 8. Based on the details released so far, the news does not change our underlying assumptions for Kite’s CAR-T therapy axi-cel, but we are increasing our fair value estimate to $84 per share from $82 to reflect our updated expectations for U.S. corporate tax reform effective 2018. We stand by our positive moat trend rating for the firm, which is supported by Kite’s leading ...
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