Kite Pharma Stock Surges After Cancer Study Announcement

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Shares of Santa Monica’s Kite Pharma surged nearly 30 percent in after-hours trading Monday after the clinical-stage biotech company announced the publication of clinical results demonstrating the potential of its KTE-C19 drug to treat aggressive non-Hodgkin’s lymphoma. Kite closed the trading day at $22.30 up 2 percent. Shares jumped above $28 after the announcement, which came after the market close.

The findings, from an ongoing clinical trial funded by Kite and conducted by the Surgery Branch of the National Cancer Institute, found either partial or full remission in 12 of 13 cases of advanced B-cell malignancies as a result of the treatment.

The company said the results support plans to file a new drug marketing application with the Food and Drug Administration in the fourth quarter.

Kite went public in late June at $17 a share and has traded as high as $32.15.

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