The gunfire erupted shortly after 7 p.m. at 60th Street and Clifford Terrace.
The teen, who police say is between 16 and 18 years old, was shot three times in the head, four times in the chest, and three times in each leg.
He was rushed to Lankenau Medical Center but was pronounced dead.
One suspect, a 17-year-old, was taken into custody but several others fled the scene.
Police say three of the suspects were seen fleeing into a home 6000 block of Hazelhurst Street in the Overbrook section around 7:15 p.m.
A barricade situation was declared a short time later.
However, about two hours later, police found that the teens were not inside the home.
Those three suspects remain at large.
The name of the teen who was killed has not been released.