Zacks Investment Research Downgrades Mirati Therapeutics (NASDAQ:MRTX) to Sell
According to Zacks, “Mirati Therapeutics, Inc. is a biopharmaceutical company. It engaged in the development of novel therapeutics for the treatment of cancer. Mirati Therapeutics, Inc., formerly known as MethylGene Inc., is based in Montreal, Canada. “
MRTX has been the subject of several other research reports. JPMorgan Chase & Co. cut Mirati Therapeutics from a neutral rating to an underweight rating and decreased their price objective for the company from $101.00 to $85.00 in a report on Friday, August 2nd. Jefferies Financial Group upgraded Mirati Therapeutics from a hold rating to a buy rating and raised their price objective for the company from $89.00 to $105.00 in a report on Monday, September 9th. Deutsche Bank assumed coverage on Mirati Therapeutics in a report on Thursday, July 18th. They issued a hold rating and a $86.00 price objective for the company. Guggenheim upgraded Mirati Therapeutics from a neutral rating to a buy rating and set a $116.00 price objective for the company in a report on Tuesday, September 24th. Finally, Leerink Swann set a $118.00 price objective on Mirati Therapeutics and gave the company a buy rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the stock. Mirati Therapeutics has an average rating of Buy and an average price target of $101.63.
Mirati Therapeutics (NASDAQ:MRTX) last released its earnings results on Monday, August 5th. The biotechnology company reported ($1.26) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.18) by ($0.08). The business had revenue of $0.58 million during the quarter. Equities analysts expect that Mirati Therapeutics will post -5.09 earnings per share for the current year.
In related news, major shareholder Avoro Capital Advisors Llc sold 62,500 shares of Mirati Therapeutics stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $101.88, for a total transaction of $6,367,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Charles M. Baum sold 51,810 shares of Mirati Therapeutics stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $86.22, for a total value of $4,467,058.20. Following the transaction, the chief executive officer now owns 117,851 shares of the company’s stock, valued at approximately $10,161,113.22. The disclosure for this sale can be found here. Insiders have sold 845,360 shares of company stock valued at $82,651,250 in the last quarter. 4.70% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. Aperio Group LLC bought a new position in Mirati Therapeutics during the second quarter worth about $50,000. NumerixS Investment Technologies Inc bought a new position in Mirati Therapeutics during the second quarter worth about $52,000. Quantamental Technologies LLC bought a new position in Mirati Therapeutics during the second quarter worth about $59,000. First Mercantile Trust Co. acquired a new stake in Mirati Therapeutics during the second quarter worth approximately $89,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Mirati Therapeutics by 19.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,422 shares of the biotechnology company’s stock worth $146,000 after acquiring an additional 235 shares during the last quarter.
About Mirati Therapeutics
Mirati Therapeutics, Inc, a clinical-stage oncology company, develops product candidates to address the genetic and immunological promoters of cancer in the United States. The company is involved in developing sitravatinib, a spectrum-selective kinase inhibitor, which is in Phase II clinical for the treatment of non-small cell lung cancer (NCSLC); and in Phase Ib clinical trial to treat NCSLC patients with Casitas B-lineage Lymphoma genetic alterations, as well as KRAS G12C inhibitor program for NSCLC adenocarcinoma patients, colorectal cancer patients, and other cancers.
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