Shares of Mirati Therapeutics, Inc. (NASDAQ:MRTX) traded up NaN during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $14.55 and last traded at $0.00. 594,645 shares were traded during mid-day trading, an increase of Infinity from the average session volume of 0 shares. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.81) by $0.16.
A number of equities analysts recently weighed in on the company. Jefferies Group LLC set a $5.00 price target on Mirati Therapeutics and gave the company a “hold” rating in a research report on Friday, August 4th. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $13.00 price target on shares of Mirati Therapeutics in a research report on Monday, October 2nd. Citigroup Inc. reiterated a “buy” rating and issued a $16.00 price target (up previously from $8.00) on shares of Mirati Therapeutics in a research report on Tuesday, September 19th. Zacks Investment Research lowered Mirati Therapeutics from a “hold” rating to a “sell” rating in a research report on Thursday, October 5th. Finally, ValuEngine upgraded Mirati Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. Two analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. Mirati Therapeutics has a consensus rating of “Hold” and a consensus price target of $13.88.
In related news, SVP Jamie Christensen sold 4,000 shares of the stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $14.00, for a total value of $56,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.10% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Sabby Management LLC lifted its stake in Mirati Therapeutics by 2.1% in the 2nd quarter. Sabby Management LLC now owns 255,100 shares of the biotechnology company’s stock worth $921,000 after acquiring an additional 5,365 shares in the last quarter. 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 worth $9,091,000 after acquiring an additional 400,000 shares in 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 worth $184,000 after acquiring an additional 16,030 shares in the last quarter. 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 worth $359,000 after acquiring an additional 87,858 shares in the last quarter. Finally, PDT Partners LLC purchased a new stake in Mirati Therapeutics in the 2nd quarter worth about $200,000. 59.95% of the stock is owned by hedge funds and other institutional investors.
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Mirati Therapeutics Company Profile
Mirati Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of oncology products. The companys 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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