UPDATE: Credit Suisse Raises PT On Kite Pharma On Strong Outlook For CAR-T

In a report published Friday, Credit Suisse analyst Jason Kantor reiterated an Outperform rating on Kite Pharma KITE, and raised the price target from $34.00 to $71.00. In the report, Credit Suisse noted, “The strong showing of CAR-T therapies at the recent ASH meeting and the recent successful IPO of competitor JUNO demonstrate the sustained investor and physician enthusiasm for new immune-based and personalized therapies. We believe KITE will benefit in 2015 from the initiation of multiple trials expected to serve as pivotal studies, and we think a lucrative ex-US partner is likely. We are increasing our target price to $71 from $34. Addition of an ex-US partnership and the recent equity offering increase our forward EPS estimates.” Kite Pharma closed on Wednesday at $58.10.