Mirati Therapeutics, Inc. (NASDAQ:MRTX) saw a significant decrease in short interest in October. As of October 31st, there was short interest totalling 875,847 shares, a decrease of 29.9% from the October 13th total of 1,250,193 shares. Based on an average daily volume of 409,304 shares, the days-to-cover ratio is currently 2.1 days. Approximately 4.1% of the shares of the stock are sold short.

Mirati Therapeutics (NASDAQ:MRTX) opened at $19.00 on Friday. Mirati Therapeutics has a 1-year low of $2.70 and a 1-year high of $19.25.

Mirati Therapeutics (NASDAQ:MRTX) last posted its quarterly earnings results on Wednesday, November 1st. The biotechnology company reported ($0.65) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.81) by $0.16. equities analysts anticipate that Mirati Therapeutics will post -2.87 earnings per share for the current fiscal year.

In related news, SVP Jamie Christensen sold 7,499 shares of the company’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $14.00, for a total transaction of $104,986.00. Following the sale, the senior vice president now owns 10,169 shares of the company’s stock, valued at $142,366. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Venbio Select Advisor Llc purchased 650,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were acquired at an average cost of $13.00 per share, for a total transaction of $8,450,000.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 12,269 shares of company stock worth $170,226. 5.10% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of MRTX. Broadfin Capital LLC grew its holdings in shares of 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. Renaissance Technologies LLC bought a new position in shares of Mirati Therapeutics in the first quarter worth about $854,000. Dimensional Fund Advisors LP grew its holdings in shares of 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. Royce & Associates LP grew its holdings in shares of Mirati Therapeutics by 88.7% in the second quarter. Royce & Associates LP now owns 251,100 shares of the biotechnology company’s stock worth $917,000 after purchasing an additional 118,063 shares during the last quarter. Finally, Hikari Power Ltd bought a new position in shares of Mirati Therapeutics in the second quarter worth about $365,000. Hedge funds and other institutional investors own 59.49% of the company’s stock.

A number of research firms have weighed in on MRTX. ValuEngine upgraded shares of Mirati Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday. HC Wainwright reiterated a “buy” rating and set a $17.00 price objective (down previously from $20.00) on shares of Mirati Therapeutics in a research report on Tuesday. Leerink Swann upgraded shares of Mirati Therapeutics from a “mkt perform” rating to an “outperform” rating and set a $9.00 price objective on the stock in a research report on Tuesday. Zacks Investment Research upgraded shares of Mirati Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday, November 7th. Finally, SunTrust Banks, Inc. reiterated a “buy” rating and set a $13.00 price objective on shares of Mirati Therapeutics in a research report on Thursday, October 12th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $13.71.

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Mirati Therapeutics Company Profile

Mirati Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of oncology products. The company’s 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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