Mirati Therapeutics Inc (NASDAQ:MRTX) was down 5.2% on Monday after B. Riley lowered their price target on the stock from $92.00 to $83.00. B. Riley currently has a neutral rating on the stock. Mirati Therapeutics traded as low as $82.48 and last traded at $82.70, approximately 1,633,463 shares were traded during mid-day trading. An increase of 147% from the average daily volume of 661,629 shares. The stock had previously closed at $87.27.
MRTX has been the subject of several other research reports. Jefferies Financial Group upgraded Mirati Therapeutics from a “hold” rating to a “buy” rating and raised their target price for the stock from $89.00 to $105.00 in a research note on Monday. Cowen restated a “buy” rating on shares of Mirati Therapeutics in a research report on Tuesday, August 6th. Guggenheim cut shares of Mirati Therapeutics from a “buy” rating to a “neutral” rating and set a $95.56 price objective for the company. in a research note on Friday, June 7th. HC Wainwright reaffirmed a “buy” rating and set a $117.00 target price on shares of Mirati Therapeutics in a report on Tuesday, August 6th. Finally, Piper Jaffray Companies upped their target price on shares of Mirati Therapeutics from $85.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $98.60.
In other news, major shareholder Avoro Capital Advisors Llc sold 62,500 shares of the stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $101.88, for a total value of $6,367,500.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael G. Grey sold 3,042 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $92.27, for a total transaction of $280,685.34. Following the sale, the director now owns 4,840 shares in the company, valued at approximately $446,586.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 845,360 shares of company stock valued at $82,651,250. Corporate insiders own 4.70% of the company’s stock.
The company has a market cap of $3.19 billion, a PE ratio of -26.81 and a beta of 2.07. The business’s 50-day moving average is $90.90 and its 200 day moving average is $83.56.
Mirati Therapeutics (NASDAQ:MRTX) last posted its quarterly earnings results on Monday, August 5th. The biotechnology company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.18) by ($0.08). The business had revenue of $0.58 million for the quarter. As a group, equities research analysts predict that Mirati Therapeutics Inc will post -5.08 EPS for the current fiscal year.
About Mirati Therapeutics (NASDAQ:MRTX)
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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