Relaunching Coverage of Kite; Updating Fair Value Estimate to $70 With New Pricing Assumptions
We are relaunching coverage of Kite Pharma, a no-moat clinical-stage biotech focused on the development of a new technology called chimeric antigen receptor T-cell, or CAR-T, therapy, which has shown remarkable efficacy in difficult-to-treat patients with blood cancers. We have increased our fair value estimate to $70 from $65 per share to account for our new pricing assumptions for KTE-C19, Kite’s lead developmental candidate and key driver in our valuation model. Shares are trading at about a ...
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