BidaskClub Upgrades Mirati Therapeutics (MRTX) to Buy
BidaskClub upgraded shares of Mirati Therapeutics (NASDAQ:MRTX) from a hold rating to a buy rating in a report issued on Tuesday morning.
A number of other equities analysts also recently commented on the stock. HC Wainwright boosted their price objective on shares of Mirati Therapeutics from $17.00 to $21.00 and gave the stock a buy rating in a research note on Tuesday, January 9th. Oppenheimer set a $18.00 price objective on shares of Mirati Therapeutics and gave the stock a buy rating in a research note on Monday, January 8th. Cann reissued a buy rating and issued a $18.00 price objective on shares of Mirati Therapeutics in a research note on Monday, January 8th. Cowen began coverage on shares of Mirati Therapeutics in a research note on Thursday, December 21st. They issued an outperform rating for the company. Finally, ValuEngine downgraded shares of Mirati Therapeutics from a hold rating to a sell rating in a research note on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $14.75.
Mirati Therapeutics (MRTX) traded down $0.50 during trading on Tuesday, hitting $24.25. 1,171,500 shares of the stock traded hands, compared to its average volume of 556,620. Mirati Therapeutics has a 1 year low of $2.70 and a 1 year high of $27.85. The company has a market capitalization of $654.60, a P/E ratio of -7.80 and a beta of 1.79.
Mirati Therapeutics (NASDAQ:MRTX) last posted its quarterly earnings results on Wednesday, November 1st. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.81) by $0.16. equities research analysts forecast that Mirati Therapeutics will post -2.73 earnings per share for the current year.
In other news, major shareholder Venbio Select Advisor Llc purchased 650,000 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were acquired at an average cost of $13.00 per share, with a total value of $8,450,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jamie Christensen sold 14,725 shares of Mirati Therapeutics stock in a transaction on Thursday, January 11th. The stock was sold at an average price of $22.99, for a total transaction of $338,527.75. Following the completion of the transaction, the senior vice president now directly owns 6,395 shares in the company, valued at $147,021.05. The disclosure for this sale can be found here. Insiders sold 32,499 shares of company stock valued at $628,464 in the last three months. 5.10% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MRTX. Broadfin Capital LLC grew its holdings in Mirati Therapeutics by 19.1% in the second quarter. Broadfin Capital LLC now owns 2,490,801 shares of the biotechnology company’s stock worth $9,091,000 after purchasing an additional 400,000 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Mirati Therapeutics by 68.7% in the third quarter. Dimensional Fund Advisors LP now owns 336,667 shares of the biotechnology company’s stock worth $3,939,000 after purchasing an additional 137,104 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Mirati Therapeutics by 845.4% in the second quarter. Goldman Sachs Group Inc. now owns 98,251 shares of the biotechnology company’s stock worth $359,000 after purchasing an additional 87,858 shares during the last quarter. Jane Street Group LLC purchased a new position in Mirati Therapeutics in the third quarter worth $668,000. Finally, PDT Partners LLC purchased a new position in Mirati Therapeutics in the second quarter worth $200,000. 64.68% of the stock is currently owned by institutional investors and hedge funds.
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About Mirati Therapeutics
Mirati Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of oncology products. The companys clinical stage product candidates include glesatinib, an orally-bioavailable, potent, small molecule kinase inhibitor that is in Phase II clinical trials for the treatment of non-small cell lung cancer (NSCLC) patients with genetic alterations of MET; and in Phase Ib clinical trials in patients with genetic alterations of MET and Axl in NSCLC and other solid tumors.
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