Mirati Therapeutics (NASDAQ:MRTX) Raised to Buy at Citigroup

Mirati Therapeutics (NASDAQ:MRTX) was upgraded by equities research analysts at Citigroup from a “neutral” rating to a “buy” rating in a report released on Tuesday, June 4th, Marketbeat.com reports. The firm currently has a $132.00 price target on the biotechnology company’s stock, up from their prior price target of $76.00. Citigroup‘s price objective indicates a potential upside of 28.16% from the company’s current price.

A number of other brokerages also recently issued reports on MRTX. Cowen restated a “buy” rating on shares of Mirati Therapeutics in a research report on Wednesday, March 13th. Zacks Investment Research upgraded shares of Mirati Therapeutics from a “hold” rating to a “buy” rating and set a $84.00 target price on the stock in a research report on Friday, February 22nd. BidaskClub upgraded shares of Mirati Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 24th. Oppenheimer reiterated a “buy” rating on shares of Mirati Therapeutics in a research report on Tuesday, March 19th. Finally, Credit Suisse Group began 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. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $93.25.

Shares of NASDAQ MRTX traded down $1.71 during midday trading on Tuesday, reaching $103.00. The stock had a trading volume of 1,210,570 shares, compared to its average volume of 1,043,639. The company has a market cap of $3.77 billion, a price-to-earnings ratio of -32.29 and a beta of 1.69. Mirati Therapeutics has a twelve month low of $28.50 and a twelve month high of $107.57. The firm has a 50 day simple moving average of $85.91.

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

In related news, CFO Jamie A. Donadio sold 7,500 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $579,075. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bruce L. A. Carter sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $75.20, for a total transaction of $225,600.00. Following the completion of the transaction, the director now owns 3,000 shares in the company, valued at $225,600. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,260 shares of company stock valued at $1,164,228. 4.86% of the stock is owned by company insiders.

Several hedge funds have recently bought and sold shares of the stock. CWM LLC purchased a new stake in shares of Mirati Therapeutics during the 1st quarter worth approximately $40,000. Legal & General Group Plc increased its position in shares of Mirati Therapeutics by 16.5% during the 4th quarter. Legal & General Group Plc now owns 3,635 shares of the biotechnology company’s stock valued at $154,000 after purchasing an additional 515 shares during the last quarter. Meeder Asset Management Inc. increased its position in shares of Mirati Therapeutics by 7.9% during the 1st quarter. Meeder Asset Management Inc. now owns 2,252 shares of the biotechnology company’s stock valued at $166,000 after purchasing an additional 165 shares during the last quarter. Creative Planning bought a new position in Mirati Therapeutics in the 1st quarter valued at $231,000. Finally, Xact Kapitalforvaltning AB bought a new position in Mirati Therapeutics in the 1st quarter valued at $235,000.

About Mirati Therapeutics

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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