Brokerages Set Mirati Therapeutics, Inc. (NASDAQ:MRTX) Price Target at $80.87

Shares of Mirati Therapeutics, Inc. (NASDAQ:MRTX – Get Rating) have received a consensus recommendation of “Hold” from the seventeen research firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $80.87.

Several analysts have commented on MRTX shares. StockNews.com started coverage on Mirati Therapeutics in a report on Thursday. They issued a “sell” rating for the company. Needham & Company LLC started coverage on Mirati Therapeutics in a report on Wednesday, December 14th. They issued a “hold” rating for the company. Oppenheimer lowered their price target on Mirati Therapeutics from $85.00 to $60.00 and set a “market perform” rating for the company in a report on Thursday, December 8th. Citigroup cut Mirati Therapeutics from a “buy” rating to a “neutral” rating and lowered their price target for the company from $121.00 to $53.00 in a report on Friday, December 9th. Finally, Morgan Stanley lowered their price target on Mirati Therapeutics from $60.00 to $50.00 and set an “equal weight” rating for the company in a report on Friday, January 27th.

Insider Activity

In related news, EVP Jamie Christensen sold 1,949 shares of the company’s stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $46.60, for a total transaction of $90,823.40. Following the transaction, the executive vice president now directly owns 100,123 shares of the company’s stock, valued at $4,665,731.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Benjamin Hickey sold 2,088 shares of Mirati Therapeutics stock in a transaction on Monday, January 9th. The stock was sold at an average price of $45.37, for a total value of $94,732.56. Following the completion of the sale, the executive vice president now directly owns 48,789 shares of the company’s stock, valued at approximately $2,213,556.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jamie Christensen sold 1,949 shares of Mirati Therapeutics stock in a transaction on Wednesday, January 4th. The shares were sold at an average price of $46.60, for a total value of $90,823.40. Following the completion of the sale, the executive vice president now directly owns 100,123 shares of the company’s stock, valued at $4,665,731.80. The disclosure for this sale can be found here. Insiders sold a total of 32,611 shares of company stock worth $1,384,409 over the last 90 days. 3.47% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mirati Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. lifted its position in shares of Mirati Therapeutics by 1,803.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,447,460 shares of the biotechnology company’s stock worth $164,298,000 after buying an additional 2,318,853 shares in the last quarter. Armistice Capital LLC grew its position in Mirati Therapeutics by 83.6% in the fourth quarter. Armistice Capital LLC now owns 3,488,000 shares of the biotechnology company’s stock worth $158,041,000 after acquiring an additional 1,588,000 shares in the last quarter. EcoR1 Capital LLC bought a new stake in Mirati Therapeutics in the third quarter worth $70,928,000. Morgan Stanley raised its stake in shares of Mirati Therapeutics by 71.2% during the fourth quarter. Morgan Stanley now owns 1,689,711 shares of the biotechnology company’s stock valued at $76,561,000 after acquiring an additional 702,556 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its stake in Mirati Therapeutics by 639.9% in the fourth quarter. Point72 Asset Management L.P. now owns 753,600 shares of the biotechnology company’s stock worth $34,146,000 after buying an additional 651,753 shares in the last quarter.

Mirati Therapeutics Price Performance

Shares of NASDAQ MRTX opened at $41.40 on Thursday. The stock has a fifty day moving average price of $46.19 and a 200 day moving average price of $59.66. Mirati Therapeutics has a 1-year low of $32.96 and a 1-year high of $101.30. The company has a market cap of $2.40 billion, a PE ratio of -3.14 and a beta of 1.05.

Mirati Therapeutics (NASDAQ:MRTX – Get Rating) last released its earnings results on Tuesday, February 28th. The biotechnology company reported ($3.51) EPS for the quarter, beating analysts’ consensus estimates of ($3.74) by $0.23. Mirati Therapeutics had a negative return on equity of 66.05% and a negative net margin of 5,957.44%. The company had revenue of $0.93 million during the quarter, compared to the consensus estimate of $2.65 million. During the same quarter last year, the company earned ($3.72) earnings per share. Mirati Therapeutics’s quarterly revenue was up 212.4% compared to the same quarter last year. Analysts anticipate that Mirati Therapeutics will post -13.26 earnings per share for the current fiscal year.

About Mirati Therapeutics

(Get Rating)

Mirati Therapeutics, Inc operates as a clinical-stage oncology company. engages in the development of novel therapeutics. The firm’s products target the genetic and immunological promoters of cancer. Its clinical pipeline consists of Adagrasib, MRTX1133, and Sitravatinib. The company was founded on December 13, 1995, and is headquartered in San Diego, CA.