Mirati Therapeutics, Inc. (NASDAQ:MRTX) Sees Large Increase in Short Interest

Mirati Therapeutics, Inc. (NASDAQ:MRTXGet Rating) was the recipient of a significant growth in short interest in the month of May. As of May 15th, there was short interest totalling 5,210,000 shares, a growth of 24.0% from the April 30th total of 4,200,000 shares. Approximately 10.2% of the company’s shares are short sold. Based on an average daily trading volume, of 729,600 shares, the short-interest ratio is presently 7.1 days.

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group dropped their price objective on shares of Mirati Therapeutics from $253.00 to $216.00 and set a “buy” rating on the stock in a research note on Tuesday, May 24th. Stifel Nicolaus decreased their price objective on shares of Mirati Therapeutics from $150.00 to $118.00 and set a “buy” rating for the company in a report on Tuesday, March 1st. StockNews.com raised shares of Mirati Therapeutics to a “sell” rating in a report on Thursday, May 12th. SVB Leerink reduced their price target on shares of Mirati Therapeutics from $164.00 to $111.00 and set an “outperform” rating for the company in a report on Friday, May 27th. Finally, Guggenheim upgraded shares of Mirati Therapeutics from a “neutral” rating to a “buy” rating and set a $115.00 price objective on the stock in a research note on Friday, May 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Mirati Therapeutics presently has a consensus rating of “Buy” and an average price target of $164.85.

NASDAQ:MRTX traded up $0.88 during mid-day trading on Wednesday, hitting $40.04. The company had a trading volume of 28,738 shares, compared to its average volume of 1,414,401. Mirati Therapeutics has a fifty-two week low of $32.96 and a fifty-two week high of $195.99. The business’s fifty day moving average is $68.77 and its two-hundred day moving average is $100.98. The firm has a market cap of $2.22 billion, a P/E ratio of -3.29 and a beta of 1.61.

Mirati Therapeutics (NASDAQ:MRTXGet Rating) last released its quarterly earnings results on Wednesday, May 4th. The biotechnology company reported ($3.40) EPS for the quarter, missing analysts’ consensus estimates of ($3.37) by ($0.03). The firm had revenue of $0.71 million during the quarter, compared to the consensus estimate of $0.18 million. During the same quarter in the prior year, the company posted ($2.67) earnings per share. Mirati Therapeutics’s revenue for the quarter was up 6990.0% compared to the same quarter last year. As a group, research analysts anticipate that Mirati Therapeutics will post -14.37 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of MRTX. Franklin Resources Inc. boosted its stake in shares of Mirati Therapeutics by 3.1% during the 3rd quarter. Franklin Resources Inc. now owns 1,281,758 shares of the biotechnology company’s stock worth $226,756,000 after acquiring an additional 38,489 shares during the period. Banque Pictet & Cie SA bought a new stake in Mirati Therapeutics during the 4th quarter worth $1,886,000. Northern Trust Corp grew its position in Mirati Therapeutics by 4.6% during the 4th quarter. Northern Trust Corp now owns 198,430 shares of the biotechnology company’s stock worth $29,107,000 after acquiring an additional 8,729 shares during the last quarter. Perceptive Advisors LLC grew its position in Mirati Therapeutics by 6.3% during the 3rd quarter. Perceptive Advisors LLC now owns 3,387,745 shares of the biotechnology company’s stock worth $599,326,000 after acquiring an additional 201,847 shares during the last quarter. Finally, Glenview Capital Management LLC bought a new stake in shares of Mirati Therapeutics in the 3rd quarter valued at about $8,102,000.

Mirati Therapeutics Company Profile (Get Rating)

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 develops MRTX849, a KRAS G12C inhibitor, which is in Phase 1/2 clinical trial for treating non-small cell lung (NSCL), colorectal, pancreatic, and other cancers; and Sitravatinib, an investigational spectrum-selective kinase inhibitor that is in Phase 3 clinical trial for the treatment of NSCL cancer, as well as a KRAS G12D inhibitor program, which is in preclinical development.

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