Kite Pharma Rallies Off Positive Drug Results, hits Highest Level In 5 Months

Kite Phama Inc KITE shares are trading higher by $7.36 (14 percent) at $59.44 in Monday's session. The catalyst for the rally are results from its Kite/NCI Anti-CD19 Car T-cell therapy that demonstrated durable complete remissions in over half of the advanced non-Hodgkin lymphoma patients in the study.

After a higher open, it retreated but found support just under Friday's close ($52.08), reaching $51.76 before resuming its move higher.

So far, it has reached $59.65 and has continued to make new highs for the day. The issue has not traded over $60 since January 19, when it peaked at $60.72.