Mirati Therapeutics (NASDAQ:MRTX) Shares Up 3.3% on Analyst Upgrade

Shares of Mirati Therapeutics, Inc. (NASDAQ:MRTXGet Rating) were up 3.3% on Tuesday after B. Riley raised their price target on the stock from $52.00 to $56.00. B. Riley currently has a neutral rating on the stock. Mirati Therapeutics traded as high as $49.50 and last traded at $49.50. Approximately 176,852 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 1,391,170 shares. The stock had previously closed at $47.91.

MRTX has been the subject of a number of other research reports. Citigroup cut Mirati Therapeutics from a “buy” rating to a “neutral” rating and lowered their target price for the company from $121.00 to $53.00 in a research note on Friday, December 9th. Oppenheimer lowered their target price on Mirati Therapeutics from $85.00 to $60.00 and set a “market perform” rating for the company in a research note on Thursday, December 8th. Barclays lowered their target price on Mirati Therapeutics from $169.00 to $90.00 in a research note on Wednesday, December 14th. BMO Capital Markets cut Mirati Therapeutics from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $110.00 to $59.00 in a research note on Thursday, December 8th. Finally, Stifel Nicolaus lowered their target price on Mirati Therapeutics to $73.00 in a research note on Friday, December 9th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Mirati Therapeutics currently has a consensus rating of “Hold” and a consensus target price of $82.13.

Insiders Place Their Bets

In other Mirati Therapeutics news, Director Julie M. Cherrington sold 2,546 shares of Mirati Therapeutics stock in a transaction on Wednesday, January 18th. The stock was sold at an average price of $44.66, for a total value of $113,704.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Julie M. Cherrington sold 2,546 shares of Mirati Therapeutics stock in a transaction on Wednesday, January 18th. The stock was sold at an average price of $44.66, for a total value of $113,704.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jamie Christensen sold 2,245 shares of Mirati Therapeutics stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $42.38, for a total value of $95,143.10. Following the completion of the sale, the executive vice president now directly owns 97,878 shares of the company’s stock, valued at approximately $4,148,069.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,593 shares of company stock valued at $8,465,677. Corporate insiders own 3.47% of the company’s stock.

Institutional Trading of Mirati Therapeutics

Several large investors have recently modified their holdings of MRTX. Goldman Sachs Group Inc. grew its holdings in shares of Mirati Therapeutics by 1,803.1% in the second quarter. Goldman Sachs Group Inc. now owns 2,447,460 shares of the biotechnology company’s stock worth $164,298,000 after acquiring an additional 2,318,853 shares during the period. EcoR1 Capital LLC bought a new stake in Mirati Therapeutics during the third quarter valued at about $70,928,000. Assenagon Asset Management S.A. grew its holdings in Mirati Therapeutics by 1,494.8% during the second quarter. Assenagon Asset Management S.A. now owns 851,950 shares of the biotechnology company’s stock valued at $57,191,000 after purchasing an additional 798,528 shares during the period. Bank of Nova Scotia grew its holdings in Mirati Therapeutics by 664.5% during the second quarter. Bank of Nova Scotia now owns 841,000 shares of the biotechnology company’s stock valued at $56,456,000 after purchasing an additional 731,000 shares during the period. Finally, National Bank of Canada FI grew its holdings in Mirati Therapeutics by 341,680.8% during the second quarter. National Bank of Canada FI now owns 499,000 shares of the biotechnology company’s stock valued at $33,498,000 after purchasing an additional 498,854 shares during the period.

Mirati Therapeutics Stock Up 3.0 %

The company has a fifty day simple moving average of $56.60 and a 200-day simple moving average of $66.49. The firm has a market cap of $2.84 billion, a P/E ratio of -3.69 and a beta of 1.07.

Mirati Therapeutics (NASDAQ:MRTXGet Rating) last released its quarterly earnings results on Tuesday, November 8th. The biotechnology company reported ($3.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.46) by $0.37. Mirati Therapeutics had a negative return on equity of 60.40% and a negative net margin of 6,253.81%. The business had revenue of $5.43 million during the quarter, compared to analyst estimates of $4.72 million. As a group, research analysts forecast that Mirati Therapeutics, Inc. will post -13.5 EPS for the current year.

About Mirati Therapeutics

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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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