Raising Kite's FVE to $102 With Anticipated Regulatory Approval for Axi-Cel This Fall
We believe it is highly likely Kite’s CAR-T therapy axi-cel will receive regulatory approval in the U.S. after learning the firm will not require a Food and Drug Administration advisory committee meeting. In July, the advisory committee unanimously voted in favor of Novartis’ CAR-T product, tisagenlecleucel (formerly CTL019), which paved the way for the novel therapeutic class. As a result, our fair value estimate for Kite increases to $102 per share from $84. We think it is still too early to a...
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