Credit Suisse raised its price target on Kite Pharma (KITE), a day after the cancer treatment developer announced a significant deal with Amgen. Jason Kantor maintained an outperform rating on Kite and raised his price target to 79 from 71. Kite stock was up 3.5%, near 72, in afternoon trading on the stock market today. Kite stock touched a new high for the third straight trading day. On Tuesday, Kite announced the European Commission “has
Hot biotech IPO Kite Pharma (KITE) jumped to a new high Monday, up 9%, after it inked a deal with Amgen worth up to $585 million. The two companies will develop the next generation of Kite’s chimeric antigen receptor (CAR) T cell therapies for cancer, with Amgen (AMGN) supplying the targets. Amgen is paying $60 million upfront and up to $525 million in milestone payments if the products get through the approval process. After launch, Kite is
In a big year for biotech IPOs, four more are scheduled to debut this week, including the year’s largest — Forward Pharma. Seven initial public offerings in total are expected this week, looking to raise a combined $1.7 billion. Forward Pharma (FWP) aims to raise $200 million by offering 9.5 million shares at a price range of 20-22. The largest biotech IPO this year, Kite Pharma (KITE), raised $128 million in June. Forward Pharma plans to soon