Mirati Therapeutics (MRTX) Trading 0% Higher on Analyst Upgrade

Mirati Therapeutics, Inc. (NASDAQ:MRTX) shares traded up 0% on Tuesday after HC Wainwright raised their price target on the stock from $17.00 to $21.00. HC Wainwright currently has a buy rating on the stock. Mirati Therapeutics traded as high as $19.13 and last traded at $19.05. 502,748 shares were traded during trading, an increase of 37% from the average session volume of 365,788 shares. The stock had previously closed at $19.05.

A number of other research firms have also weighed in on MRTX. ValuEngine raised Mirati Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday, November 16th. Cann reaffirmed a “buy” rating and set a $18.00 price objective on shares of Mirati Therapeutics in a research report on Monday. Oppenheimer set a $18.00 target price on Mirati Therapeutics and gave the stock a “buy” rating in a report on Monday. Cowen began coverage on Mirati Therapeutics in a report on Thursday, December 21st. They issued an “outperform” rating for the company. Finally, Leerink Swann raised Mirati Therapeutics from a “market perform” rating to an “outperform” rating and set a $9.00 target price for the company in a report on Tuesday, November 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $14.75.

In other Mirati Therapeutics news, major shareholder Venbio Select Advisor Llc bought 650,000 shares of Mirati Therapeutics stock in a transaction on Thursday, November 16th. The stock was acquired at an average price of $13.00 per share, with a total value of $8,450,000.00. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Jamie Christensen sold 10,275 shares of Mirati Therapeutics stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $18.00, for a total value of $184,950.00. Following the completion of the sale, the senior vice president now directly owns 12,670 shares of the company’s stock, valued at approximately $228,060. The disclosure for this sale can be found here. 5.10% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Broadfin Capital LLC grew its holdings in shares of Mirati Therapeutics by 19.1% in the second 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 during the period. Dimensional Fund Advisors LP grew its holdings in shares of Mirati Therapeutics by 68.7% in the third quarter. Dimensional Fund Advisors LP now owns 336,667 shares of the biotechnology company’s stock worth $3,939,000 after acquiring an additional 137,104 shares during the period. Sabby Management LLC grew its holdings in shares of Mirati Therapeutics by 2.1% in the second 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 during the period. Royce & Associates LP grew its holdings in shares of Mirati Therapeutics by 88.7% in the second quarter. Royce & Associates LP now owns 251,100 shares of the biotechnology company’s stock worth $917,000 after acquiring an additional 118,063 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Mirati Therapeutics by 845.4% in the second 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 during the period. 64.68% of the stock is owned by institutional investors.

The firm has a market cap of $464.29, a price-to-earnings ratio of -6.13 and a beta of 1.79.

Mirati Therapeutics (NASDAQ:MRTX) last issued its quarterly earnings data on Wednesday, November 1st. The biotechnology company reported ($0.65) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.81) by $0.16. research analysts predict that Mirati Therapeutics, Inc. will post -2.73 EPS for the current fiscal year.

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Mirati Therapeutics Company Profile

Mirati Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of oncology products. The company’s 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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