Stock Traders Buy Large Volume of Mirati Therapeutics Call Options (NASDAQ:MRTX)

Mirati Therapeutics, Inc. (NASDAQ:MRTX – Get Rating) was the target of some unusual options trading activity on Thursday. Stock traders bought 6,144 call options on the stock. This is an increase of 759% compared to the average volume of 715 call options.

Analyst Ratings Changes

A number of brokerages recently issued reports on MRTX. BMO Capital Markets dropped their price objective on shares of Mirati Therapeutics from $50.00 to $40.00 in a report on Thursday. Morgan Stanley reduced their target price 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 reiterated a “maintains” rating on shares of Mirati Therapeutics in a research report on Thursday, May 11th. Barclays lowered their price objective on shares of Mirati Therapeutics from $90.00 to $75.00 in a research note on Thursday. Finally, StockNews.com began coverage on shares of Mirati Therapeutics in a report on Thursday, May 18th. They set a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Mirati Therapeutics currently has an average rating of “Hold” and a consensus price target of $76.93.

Insider Activity

In related news, EVP Jamie Christensen sold 619 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 124,123 shares in the company, valued at approximately $5,621,530.67. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.47% of the company’s stock.

Institutional Investors Weigh In On Mirati Therapeutics

A number of hedge funds have recently added to or reduced their stakes in MRTX. Advisor Group Holdings Inc. increased its holdings in Mirati Therapeutics by 211.1% during the first quarter. Advisor Group Holdings Inc. now owns 644 shares of the biotechnology company’s stock valued at $52,000 after buying an additional 437 shares during the period. US Bancorp DE increased its holdings in Mirati Therapeutics by 351.9% in the first quarter. US Bancorp DE now owns 1,898 shares of the biotechnology company’s stock valued at $156,000 after buying an additional 1,478 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Mirati Therapeutics during the first quarter worth about $189,000. MetLife Investment Management LLC purchased a new stake in shares of Mirati Therapeutics during the first quarter worth about $197,000. Finally, BlackRock Inc. increased its stake in shares of Mirati Therapeutics by 1.5% during the first quarter. BlackRock Inc. now owns 2,797,638 shares of the biotechnology company’s stock worth $230,022,000 after purchasing an additional 40,963 shares in the last quarter.

Mirati Therapeutics Price Performance

Shares of Mirati Therapeutics stock opened at $38.40 on Friday. Mirati Therapeutics has a one year low of $32.96 and a one year high of $101.30. The stock’s 50-day moving average is $42.22 and its 200 day moving average is $49.69. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of -2.96 and a beta of 1.04.

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

Mirati Therapeutics Company Profile

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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.