Ronnie Moas Downgrades Kite Pharma, Sees $100 Stock Price Through 2018

• In a recent report, Standpoint Research Founder Ronnie Moas downgraded his rating on shares ofKite Pharma Inc KITE from Buy to Hold.
• However, the expert maintained a 2017-2018 price target of $100.
• Shares of Kite Pharma were still trading up about 1.8 percent on Friday afternoon.

On August 17, Standpoint initiated coverage on Juno Therapeutics Inc JUNO and dropped it on October 29, after it had surged by 45 percent.

In a similar fashion, the firm assumed coverage on Kite Pharma on August 24, and has now decided to close out its stake with a 38 percent gain, thus downgrading the shares’ rating from Buy to Hold.
The analyst explained that he has decided to close out his position in the stock due to its relative strength, now above 95, since he rarely holds on to “names that hit this level.” Moreover, he noted, “It is difficult to place a value on this company as there are no earnings.”
“Given the recent absolute and relative move I can no longer leave my highest rating attached to this name,” he continued, adding that his price target for 2017-2018 remains $100 – this implies an upside potential of more than 20 percent.
The expert continued to expound that Kite Pharma is volatile, assuring he would consider reinstating coverage “on a correction below $75.” However, he noted, “a name like KITE has a mind of its own and I may be early trying to pick a top.”
Also recently, Moas upgraded Endo International plc - Ordinary Shares ENDP from Hold to Buy and initiated ANI Pharmaceuticals Inc ANIP with a Buy recommendation.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.