Kite Pharma, Inc. (KITE) saw a big move last session, as the company’s shares fell by over 7% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the recent downtrend for KITE, as the stock is now down nearly 18% since May 8.
On May 15, the company reported weaker-than-expected first quarter 2015 earnings.
The clinical-stage biopharmaceutical company has seen a flat track record when it comes to current year estimate revisions over the past few weeks, and the consensus for earnings hasn’t been in a trend either. This recent price action is discouraging, so make sure to keep a close watch on this firm in the near future, and especially on earnings estimates following the recent slump.