Mirati Therapeutics (NASDAQ:MRTX) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Mirati Therapeutics (NASDAQ:MRTX) from a sell rating to a hold rating in a research note released on Friday morning, Zacks.com reports.

According to Zacks, “Mirati Therapeutics, Inc. is a biopharmaceutical company. It engaged in the development of novel therapeutics for the treatment of cancer. Mirati Therapeutics, Inc., formerly known as MethylGene Inc., is based in Montreal, Canada. “

Several other research analysts have also recently weighed in on the stock. BidaskClub raised shares of Mirati Therapeutics from a hold rating to a buy rating in a research report on Wednesday, November 13th. Credit Suisse Group set a $115.00 price target on shares of Mirati Therapeutics and gave the company a buy rating in a research report on Friday, September 27th. B. Riley lowered their price target on shares of Mirati Therapeutics from $92.00 to $83.00 and set a neutral rating on the stock in a research report on Wednesday, September 11th. Guggenheim boosted their price target on shares of Mirati Therapeutics from $116.00 to $128.00 and gave the company a buy rating in a research report on Tuesday, November 5th. Finally, Jefferies Financial Group raised shares of Mirati Therapeutics from a hold rating to a buy rating and upped their target price for the company from $89.00 to $105.00 in a research report on Monday, September 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company’s stock. Mirati Therapeutics currently has a consensus rating of Buy and a consensus target price of $105.67.

Shares of MRTX stock traded down $3.33 on Friday, hitting $92.63. 842,000 shares of the stock traded hands, compared to its average volume of 678,140. The firm’s 50-day moving average price is $85.11 and its two-hundred day moving average price is $88.35. The stock has a market capitalization of $4.07 billion, a PE ratio of -29.04 and a beta of 2.05. Mirati Therapeutics has a twelve month low of $34.39 and a twelve month high of $111.99.

Mirati Therapeutics (NASDAQ:MRTX) last announced its quarterly 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). The firm had revenue of $0.99 million for the quarter, compared to analyst estimates of $0.50 million. Mirati Therapeutics had a negative net margin of 2,698.66% and a negative return on equity of 48.60%. As a group, equities research analysts expect that Mirati Therapeutics will post -5.36 EPS for the current fiscal year.

In other Mirati Therapeutics news, Director Michael G. Grey sold 3,042 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $102.44, for a total value of $311,622.48. Following the transaction, the director now owns 5,298 shares of the company’s stock, valued at $542,727.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce L. A. Carter sold 3,000 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $89.24, for a total transaction of $267,720.00. Following the completion of the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $267,720. The disclosure for this sale can be found here. Insiders sold 57,852 shares of company stock worth $5,046,401 in the last ninety days. 4.70% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of MRTX. Aperio Group LLC purchased a new stake in Mirati Therapeutics during the second quarter worth about $50,000. NumerixS Investment Technologies Inc purchased a new stake in Mirati Therapeutics during the second quarter worth about $52,000. Quantamental Technologies LLC purchased a new stake in Mirati Therapeutics during the second quarter worth about $59,000. First Mercantile Trust Co. purchased a new stake in Mirati Therapeutics during the second quarter worth about $89,000. Finally, Tower Research Capital LLC TRC purchased a new stake in Mirati Therapeutics during the third quarter worth about $112,000.

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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