Mirati Therapeutics (MRTX) Trading Down 5.2% After Insider Selling

Shares of Mirati Therapeutics, Inc. (NASDAQ:MRTX) dropped 5.2% during trading on Friday following insider selling activity. The company traded as low as $25.41 and last traded at $25.60. Approximately 528,175 shares were traded during trading, a decline of 7% from the average daily volume of 568,323 shares. The stock had previously closed at $27.00.

Specifically, major shareholder Venbio Select Advisor Llc purchased 650,000 shares of the business’s stock in a transaction dated Thursday, November 16th. The stock was bought at an average price of $13.00 per share, with a total value of $8,450,000.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Jamie Christensen sold 10,275 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $18.00, for a total transaction of $184,950.00. Following the sale, the senior vice president now directly owns 12,670 shares of the company’s stock, valued at approximately $228,060. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,313 shares of company stock worth $920,442. Company insiders own 5.10% of the company’s stock.

MRTX has been the subject of a number of recent analyst reports. SunTrust Banks reaffirmed a “buy” rating and set a $13.00 price target on shares of Mirati Therapeutics in a report on Monday, October 2nd. Cann reaffirmed a “buy” rating and set a $18.00 price target on shares of Mirati Therapeutics in a report on Monday, January 8th. HC Wainwright reaffirmed a “buy” rating and set a $17.00 price target (down previously from $20.00) on shares of Mirati Therapeutics in a report on Tuesday, November 14th. Oppenheimer reaffirmed a “buy” rating and set a $18.00 price target on shares of Mirati Therapeutics in a report on Wednesday, November 22nd. Finally, BidaskClub raised shares of Mirati Therapeutics from a “hold” rating to a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $14.75.

The firm has a market cap of $728.83, a P/E ratio of -8.23 and a beta of 1.79.

Mirati Therapeutics (NASDAQ:MRTX) last issued its quarterly earnings data on Wednesday, November 1st. The biotechnology company reported ($0.65) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.81) by $0.16. research analysts anticipate that Mirati Therapeutics, Inc. will post -2.73 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of MRTX. Dimensional Fund Advisors LP lifted its stake in Mirati Therapeutics by 53.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 199,563 shares of the biotechnology company’s stock valued at $728,000 after purchasing an additional 69,377 shares during the last quarter. PDT Partners LLC bought a new position in Mirati Therapeutics in the 2nd quarter valued at approximately $200,000. Goldman Sachs Group Inc. lifted its stake in Mirati Therapeutics by 845.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 98,251 shares of the biotechnology company’s stock valued at $359,000 after purchasing an additional 87,858 shares during the last quarter. Susquehanna International Group LLP lifted its stake in Mirati Therapeutics by 46.5% in the 2nd quarter. Susquehanna International Group LLP now owns 50,509 shares of the biotechnology company’s stock valued at $184,000 after purchasing an additional 16,030 shares during the last quarter. Finally, Broadfin Capital LLC lifted its stake in Mirati Therapeutics by 19.1% in the 2nd quarter. Broadfin Capital LLC now owns 2,490,801 shares of the biotechnology company’s stock valued at $9,091,000 after purchasing an additional 400,000 shares during the last quarter. 64.68% of the stock is owned by institutional investors and hedge funds.

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Mirati Therapeutics Company Profile

Mirati Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of oncology products. The company?s clinical stage product candidates include glesatinib, an orally-bioavailable, potent, small molecule kinase inhibitor that is in Phase II clinical trials for the treatment of non-small cell lung cancer (NSCLC) patients with genetic alterations of MET; and in Phase Ib clinical trials in patients with genetic alterations of MET and Axl in NSCLC and other solid tumors.

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