Mirati Therapeutics (NASDAQ:MRTX) Shares Gap Down After Insider Selling

Mirati Therapeutics, Inc. (NASDAQ:MRTX – Get Rating)’s share price gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $43.84, but opened at $41.13. Mirati Therapeutics shares last traded at $38.48, with a volume of 693,582 shares changing hands.

Specifically, EVP Jamie Christensen sold 619 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $45.29, for a total value of $28,034.51. Following the transaction, the executive vice president now owns 124,123 shares of the company’s stock, valued at $5,621,530.67. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.47% of the company’s stock.

Analyst Ratings Changes

MRTX has been the topic of a number of research reports. 22nd Century Group reissued a “reiterates” rating on shares of Mirati Therapeutics in a report on Thursday, May 11th. BMO Capital Markets lowered their price target on shares of Mirati Therapeutics from $50.00 to $40.00 in a report on Thursday. Morgan Stanley lowered their price target on shares of Mirati Therapeutics from $60.00 to $50.00 and set an “equal weight” rating on the stock in a report on Friday, January 27th. VNET Group reaffirmed a “maintains” rating on shares of Mirati Therapeutics in a report on Thursday, May 11th. Finally, StockNews.com initiated coverage on shares of Mirati Therapeutics in a report on Thursday, May 18th. They set a “sell” rating on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Mirati Therapeutics currently has an average rating of “Hold” and an average target price of $76.93.

Mirati Therapeutics Price Performance

The firm’s 50-day moving average is $42.22 and its two-hundred day moving average is $49.69. The company has a market cap of $2.23 billion, a P/E ratio of -2.96 and a beta of 1.04.

Mirati Therapeutics (NASDAQ:MRTX – Get Rating) last announced its quarterly earnings results on Tuesday, May 9th. The biotechnology company reported ($3.18) earnings per share for the quarter, topping the consensus estimate of ($3.47) by $0.29. Mirati Therapeutics had a negative net margin of 3,901.06% and a negative return on equity of 71.90%. The company had revenue of $7.17 million for the quarter, compared to analysts’ expectations of $4.80 million. During the same quarter in the previous year, the business posted ($3.40) earnings per share. Mirati Therapeutics’s quarterly revenue was up 910.9% on a year-over-year basis. As a group, sell-side analysts expect that Mirati Therapeutics, Inc. will post -12.66 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MRTX. Goldman Sachs Group Inc. boosted its stake in Mirati Therapeutics by 1,803.1% during the second quarter. Goldman Sachs Group Inc. now owns 2,447,460 shares of the biotechnology company’s stock worth $164,298,000 after buying an additional 2,318,853 shares during the period. Armistice Capital LLC boosted its stake in shares of Mirati Therapeutics by 83.6% during the fourth quarter. Armistice Capital LLC now owns 3,488,000 shares of the biotechnology company’s stock valued at $158,041,000 after purchasing an additional 1,588,000 shares during the period. EcoR1 Capital LLC purchased a new stake in shares of Mirati Therapeutics during the third quarter valued at $70,928,000. Morgan Stanley boosted its stake in shares of Mirati Therapeutics by 71.2% during the fourth quarter. Morgan Stanley now owns 1,689,711 shares of the biotechnology company’s stock valued at $76,561,000 after purchasing an additional 702,556 shares during the period. Finally, Point72 Asset Management L.P. boosted its stake in shares of Mirati Therapeutics by 639.9% during the fourth quarter. Point72 Asset Management L.P. now owns 753,600 shares of the biotechnology company’s stock valued at $34,146,000 after purchasing an additional 651,753 shares during the period.

About Mirati Therapeutics

(Get Rating)

Mirati Therapeutics, Inc operates as a clinical-stage oncology company. engages in the development of novel therapeutics. The firm’s products target the genetic and immunological promoters of cancer. Its clinical pipeline consists of Adagrasib, MRTX1133, and Sitravatinib. The company was founded on December 13, 1995, and is headquartered in San Diego, CA.