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

BidaskClub downgraded shares of Mirati Therapeutics (NASDAQ:MRTX) from a strong-buy rating to a buy rating in a report released on Saturday, June 1st, BidAskClub reports.

MRTX has been the topic of several other research reports. Zacks Investment Research downgraded shares of Mirati Therapeutics from a buy rating to a hold rating in a research report on Thursday, March 7th. Credit Suisse Group started coverage on shares of Mirati Therapeutics in a research report on Monday, March 25th. They set an outperform rating and a $85.00 target price on the stock. Cantor Fitzgerald started coverage on shares of Mirati Therapeutics in a report on Monday, March 4th. They issued a neutral rating and a $66.00 price objective on the stock. Oppenheimer set a $81.00 price objective on shares of Mirati Therapeutics and gave the company a buy rating in a report on Thursday, March 7th. Finally, HC Wainwright reaffirmed a buy rating on shares of Mirati Therapeutics in a report on Friday, February 15th. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $93.25.

Shares of NASDAQ:MRTX traded up $1.39 on Friday, reaching $102.14. The company’s stock had a trading volume of 1,172,996 shares, compared to its average volume of 742,659. Mirati Therapeutics has a 52-week low of $28.50 and a 52-week high of $106.31. The business has a 50-day moving average price of $83.14. The company has a market cap of $3.66 billion, a P/E ratio of -32.02 and a beta of 1.68.

Mirati Therapeutics (NASDAQ:MRTX) last posted its quarterly earnings results on Monday, April 29th. The biotechnology company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($0.97) by ($0.20). The firm had revenue of $1.24 million for the quarter. On average, research analysts anticipate that Mirati Therapeutics will post -5 EPS for the current year.

In other news, CFO Jamie A. Donadio sold 7,500 shares of Mirati Therapeutics stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $75.00, for a total value of $562,500.00. Following the transaction, the chief financial officer now directly owns 7,721 shares of the company’s stock, valued at approximately $579,075. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael G. Grey sold 5,760 shares of Mirati Therapeutics stock in a transaction on Monday, May 13th. The shares were sold at an average price of $65.30, for a total transaction of $376,128.00. Following the completion of the transaction, the director now owns 7,100 shares in the company, valued at $463,630. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,260 shares of company stock worth $1,164,228. 4.70% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the business. RTW Investments LP purchased a new stake in shares of Mirati Therapeutics in the 4th quarter worth about $1,644,000. Rhenman & Partners Asset Management AB acquired a new position in Mirati Therapeutics in the 4th quarter valued at about $3,606,000. SG Americas Securities LLC acquired a new position in Mirati Therapeutics in the 4th quarter valued at about $921,000. United Services Automobile Association raised its stake in Mirati Therapeutics by 2.5% in the 4th quarter. United Services Automobile Association now owns 7,222 shares of the biotechnology company’s stock valued at $306,000 after purchasing an additional 173 shares during the last quarter. Finally, JGP Global Gestao de Recursos Ltda. acquired a new position in Mirati Therapeutics in the 1st quarter valued at about $242,000.

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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Analyst Recommendations for Mirati Therapeutics (NASDAQ:MRTX)

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