Kite Pharma On A Rip, Even Before Positive Quarter Print

Kite Pharma Inc KITE closed 8 percent higher Monday, just ahead of its annual earnings release and an announcement of promising trial results. On Tuesday, the company reported positive data from its primary study of axicabtagene ciloleucel for patients with chemorefractory aggressive B-cell non-Hodgkin lymphoma.

One infusion of the cancer treatment correlated with an 82-percent tumor response rate, and Senior Vice President of Clinical Development Jeff Wiezorek said the results suggest “more than a third of patients with refractory aggressive NHL could potentially be cured after a single infusion.”

Related Link: Bluebird News A Positive For Juno, Kite Pharma

The findings bode well for patients with various forms of NHL — and for Kite.

The company is on track to submit a biologics license application with the U.S. Food and Drug Administration by the end of the first quarter and a marketing authorization application with the European Medicines Agency later in the year.

While investors celebrated the implications of the favorable trial results, they were less impressed by Kite's financial report, which revealed fourth-quarter revenue of $4.9 million compared to a consensus estimate of $5.57 million.

Shares were down 1.46 percent in pre-market trading; however, at last check, shares were up 16.82 percent at $66.39.