Kite Pharma has been a bright light in a rather dim biotech sector. Just look at its performance since the gap up in June. It has risen a whopping 80% – even the dog days of summer cannot slow it down. Because this stock has barely had a pullback, it’s been difficult to get on board.
The MACD is on a buy signal, and you can see in the money flow (on the bottom of the chart) that Kite has plenty of buyers. Most impressive is its relative strength. The stock continues to perform at a very high level. I like stocks that exhibit this kind of rare energy during a traditionally weak period in the markets. It may take a breather, but this is certainly be a good entry point.
Kite Pharma (Nasdaq:KITE) Video Chart Analysis
Take a deeper dive into the chart action on tech stock Kite Pharma Nasdaq: KITE and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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About Kite Pharma
Kite Pharma, Inc., a clinical-stage biopharmaceutical company, focuses on the development and commercialization of novel cancer immunotherapy products. The company is developing a pipeline of engineered autologous cell therapy-based product candidates for the treatment of solid and hematological malignancies. Its lead product candidate is KTE-C19, a chimeric antigen receptor (CAR)-based therapy that is in Phase 2 clinical trials for patients with relapsed or refractory aggressive diffuse large B cell lymphoma, primary mediastinal B cell lymphoma, and transformed follicular lymphoma. The company is also conducting a Phase 2 clinical trial of KTE-C19 on patients with relapsed/refractory mantle cell lymphoma; a Phase 1-2 clinical trial of KTE-C19 on adult patients with relapsed/refractory acute lymphoblastic leukemia; and a Phase 1-2 clinical trial of KTE-C19 in pediatric patients with relapsed/refractory, as well as Phase 1b/2 clinical trial of KTE-C19 in combination with Genentechs atezolizumab in patients with refractory DLBCL. In addition, it engages in developing T cell receptors-based therapies, which targets self-antigens, viral antigens, and neo-antigens. The company has a research collaboration and license agreement with Amgen Inc. to develop and commercialize various CAR-based product candidates; cooperative research and development agreements with the U.S. Department of Health and Human Services; a license agreement with Cabaret Biotech Ltd. and National Institutes of Health; a license and research agreement with Alpine Immune Sciences, Inc.; and a research collaboration and license agreement with Cell Design Labs, Inc. Kite Pharma, Inc. was founded in 2009 and is headquartered in Santa Monica, California.