Mirati Therapeutics (NASDAQ:MRTX) Lifted to Buy at BidaskClub

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Mirati Therapeutics (NASDAQ:MRTX) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a report released on Wednesday, BidAskClub reports.

Several other research firms also recently weighed in on MRTX. HC Wainwright reiterated a “buy” rating on shares of Mirati Therapeutics in a research report on Thursday, October 17th. Citigroup set a $130.00 price target on Mirati Therapeutics and gave the company a “buy” rating in a research note on Wednesday, October 9th. Cowen restated a “buy” rating on shares of Mirati Therapeutics in a research note on Friday, October 18th. Leerink Swann set a $118.00 price target on Mirati Therapeutics and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lowered Mirati Therapeutics from a “neutral” rating to an “underweight” rating and cut their price target for the company from $101.00 to $85.00 in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Mirati Therapeutics has an average rating of “Buy” and a consensus target price of $105.67.

Shares of NASDAQ:MRTX traded down $1.30 on Wednesday, hitting $103.03. 10,497 shares of the company’s stock were exchanged, compared to its average volume of 678,787. Mirati Therapeutics has a 12 month low of $34.39 and a 12 month high of $111.99. The stock has a market capitalization of $4.13 billion, a price-to-earnings ratio of -32.23 and a beta of 2.05. The business’s 50 day simple moving average is $84.60 and its two-hundred day simple moving average is $87.81.

Mirati Therapeutics (NASDAQ:MRTX) last released its earnings results on Monday, November 4th. The biotechnology company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.13). Mirati Therapeutics had a negative return on equity of 48.60% and a negative net margin of 2,698.66%. The business had revenue of $0.99 million for the quarter, compared to the consensus estimate of $0.50 million. On average, research analysts anticipate that Mirati Therapeutics will post -5.36 earnings per share for the current fiscal year.

In other Mirati Therapeutics news, CEO Charles M. Baum sold 51,810 shares of Mirati Therapeutics stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $86.22, for a total value of $4,467,058.20. Following the transaction, the chief executive officer now owns 117,851 shares in the company, valued at $10,161,113.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bruce L. A. Carter sold 3,000 shares of Mirati Therapeutics stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $89.24, for a total value of $267,720.00. Following the completion of the transaction, the director now owns 3,000 shares in the company, valued at approximately $267,720. The disclosure for this sale can be found here. 4.70% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of MRTX. Perceptive Advisors LLC grew its stake in Mirati Therapeutics by 149.0% in the second quarter. Perceptive Advisors LLC now owns 2,899,606 shares of the biotechnology company’s stock valued at $298,659,000 after purchasing an additional 1,735,224 shares during the last quarter. Vanguard Group Inc. grew its stake in Mirati Therapeutics by 36.8% in the second quarter. Vanguard Group Inc. now owns 2,984,506 shares of the biotechnology company’s stock valued at $307,404,000 after purchasing an additional 802,468 shares during the last quarter. Invesco Ltd. grew its stake in Mirati Therapeutics by 329.7% in the second quarter. Invesco Ltd. now owns 1,002,795 shares of the biotechnology company’s stock valued at $103,288,000 after purchasing an additional 769,429 shares during the last quarter. Renaissance Technologies LLC grew its stake in Mirati Therapeutics by 792.6% in the second quarter. Renaissance Technologies LLC now owns 449,000 shares of the biotechnology company’s stock valued at $46,247,000 after purchasing an additional 398,700 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its stake in Mirati Therapeutics by 2,277.5% in the second quarter. Point72 Asset Management L.P. now owns 408,935 shares of the biotechnology company’s stock valued at $42,120,000 after purchasing an additional 391,735 shares during the last quarter.

Mirati Therapeutics Company Profile

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 is involved in developing sitravatinib, a spectrum-selective kinase inhibitor, which is in Phase II clinical for the treatment of non-small cell lung cancer (NCSLC); and in Phase Ib clinical trial to treat NCSLC patients with Casitas B-lineage Lymphoma genetic alterations, as well as KRAS G12C inhibitor program for NSCLC adenocarcinoma patients, colorectal cancer patients, and other cancers.

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