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Kite Pharma shares soar after positive clinical trials for lymphoma drug

Rachel Cao

Shares of Kite Pharma (KITE) climbed 9 percent Tuesday after receiving positive clinical trial results for a non-Hodgkin's lymphoma treatment.

The clinical study of a drug KTE-C19 showed that 76 percent of its patients with non-Hodgkin's Lymphoma responded to the treatment, while 47 percent showed a complete remission, the drugmaker said in a statement on Monday.

"What started at the NCI over a decade ago with the pioneering work of Steven A. Rosenberg, M.D., Ph.D., has evolved into a technology that has the potential to fundamentally change the outlook of patients with cancer," Arie Belldegrun, president and CEO of Kite Pharma, said in the statement.

Its shares closed at $54.98 on Monday, before the results of the clinical trial were released.

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Juno Therapeutics (JUNO), another biopharmaceutical company developing immunotherapies, also saw its stock jump after the Kite Pharma news was released. (Get the latest quote here.) (JUNO)




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