The Goldman Sachs Group Cuts Mirati Therapeutics (NASDAQ:MRTX) Price Target to $188.00

Mirati Therapeutics (NASDAQ:MRTX – Get Rating) had its price target decreased by research analysts at The Goldman Sachs Group from $216.00 to $188.00 in a note issued to investors on Tuesday, Stock Target Advisor reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. The Goldman Sachs Group’s price target points to a potential upside of 243.38% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. BMO Capital Markets reduced their price objective on shares of Mirati Therapeutics from $187.00 to $130.00 in a research note on Tuesday, March 1st. SVB Leerink reduced their price objective on shares of Mirati Therapeutics from $164.00 to $111.00 and set an “outperform” rating on the stock in a research note on Friday, May 27th. Morgan Stanley reduced their price objective on shares of Mirati Therapeutics from $150.00 to $140.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 1st. Oppenheimer reduced their price objective on shares of Mirati Therapeutics from $175.00 to $155.00 in a research note on Friday, February 18th. Finally, JMP Securities raised shares of Mirati Therapeutics from a “market perform” rating to an “outperform” rating and set a $72.00 price objective on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $152.00.

Mirati Therapeutics stock traded up $11.59 during mid-day trading on Tuesday, hitting $54.75. 93,274 shares of the company’s stock were exchanged, compared to its average volume of 1,680,497. The company’s 50 day simple moving average is $65.64 and its 200-day simple moving average is $97.96. Mirati Therapeutics has a fifty-two week low of $32.96 and a fifty-two week high of $195.99. The firm has a market capitalization of $3.04 billion, a P/E ratio of -4.60 and a beta of 1.64.

Mirati Therapeutics (NASDAQ:MRTX – Get Rating) last announced its quarterly earnings data on Wednesday, May 4th. The biotechnology company reported ($3.40) EPS for the quarter, missing the consensus estimate of ($3.37) by ($0.03). The business had revenue of $0.71 million for the quarter, compared to analyst estimates of $0.18 million. Mirati Therapeutics’s quarterly revenue was up 6990.0% on a year-over-year basis. During the same period in the prior year, the company posted ($2.67) EPS. On average, sell-side analysts anticipate that Mirati Therapeutics will post -14.37 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the business. Kistler Tiffany Companies LLC purchased a new stake in Mirati Therapeutics in the 4th quarter valued at about $28,000. Signaturefd LLC increased its stake in shares of Mirati Therapeutics by 102.4% during the 1st quarter. Signaturefd LLC now owns 338 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 171 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Mirati Therapeutics by 307.7% during the 1st quarter. Parallel Advisors LLC now owns 371 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 280 shares during the last quarter. Advisor Group Holdings Inc. increased its stake in shares of Mirati Therapeutics by 57.4% during the 3rd quarter. Advisor Group Holdings Inc. now owns 488 shares of the biotechnology company’s stock worth $87,000 after purchasing an additional 178 shares during the last quarter. Finally, US Bancorp DE increased its stake in shares of Mirati Therapeutics by 79.4% during the 3rd quarter. US Bancorp DE now owns 488 shares of the biotechnology company’s stock worth $86,000 after purchasing an additional 216 shares during the last quarter.

About Mirati Therapeutics (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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