Point72 Asset Management L.P. Grows Position in Mirati Therapeutics Inc (NASDAQ:MRTX)

Point72 Asset Management L.P. boosted its stake in Mirati Therapeutics Inc (NASDAQ:MRTX) by 2,277.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 408,935 shares of the biotechnology company’s stock after buying an additional 391,735 shares during the quarter. Point72 Asset Management L.P. owned approximately 1.04% of Mirati Therapeutics worth $42,120,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MRTX. FMR LLC boosted its stake in Mirati Therapeutics by 109.7% in the 1st quarter. FMR LLC now owns 4,606,270 shares of the biotechnology company’s stock worth $337,640,000 after purchasing an additional 2,409,882 shares during the period. Vanguard Group Inc. boosted its stake in Mirati Therapeutics by 36.8% in the 2nd quarter. Vanguard Group Inc. now owns 2,984,506 shares of the biotechnology company’s stock worth $307,404,000 after purchasing an additional 802,468 shares during the period. BlackRock Inc. boosted its stake in Mirati Therapeutics by 8.6% in the 2nd quarter. BlackRock Inc. now owns 2,536,034 shares of the biotechnology company’s stock worth $261,211,000 after purchasing an additional 199,939 shares during the period. Invesco Ltd. boosted its stake in Mirati Therapeutics by 329.7% in the 2nd quarter. Invesco Ltd. now owns 1,002,795 shares of the biotechnology company’s stock worth $103,288,000 after purchasing an additional 769,429 shares during the period. Finally, OppenheimerFunds Inc. boosted its stake in Mirati Therapeutics by 0.4% in the 1st quarter. OppenheimerFunds Inc. now owns 819,956 shares of the biotechnology company’s stock worth $60,103,000 after purchasing an additional 3,146 shares during the period.

Several brokerages have commented on MRTX. BidaskClub upgraded Mirati Therapeutics from a “sell” rating to a “hold” rating in a research note on Thursday. Guggenheim cut Mirati Therapeutics from a “buy” rating to a “neutral” rating and set a $95.56 price target on the stock. in a report on Friday, June 7th. Barclays raised their price target on Mirati Therapeutics from $85.00 to $123.00 and gave the company an “overweight” rating in a report on Wednesday, June 5th. Deutsche Bank assumed coverage on Mirati Therapeutics in a report on Thursday, July 18th. They issued a “hold” rating and a $86.00 price target on the stock. Finally, JPMorgan Chase & Co. cut Mirati Therapeutics from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $101.00 to $85.00 in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Mirati Therapeutics has a consensus rating of “Buy” and a consensus target price of $98.60.

In related news, CEO Charles M. Baum sold 51,810 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $86.22, for a total transaction of $4,467,058.20. Following the transaction, the chief executive officer now directly owns 117,851 shares in the company, valued at approximately $10,161,113.22. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Boxer Capital, Llc sold 725,008 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $98.30, for a total value of $71,268,286.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 845,360 shares of company stock worth $82,651,250. 4.86% of the stock is owned by corporate insiders.

MRTX traded up $1.44 on Friday, hitting $93.44. 466,757 shares of the company were exchanged, compared to its average volume of 504,782. The firm has a fifty day simple moving average of $89.06 and a two-hundred day simple moving average of $84.09. Mirati Therapeutics Inc has a 12 month low of $28.50 and a 12 month high of $111.99. The stock has a market capitalization of $3.61 billion, a PE ratio of -29.29 and a beta of 2.07.

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 company had revenue of $0.58 million during the quarter. Sell-side analysts forecast that Mirati Therapeutics Inc will post -5.09 earnings per share for the current year.

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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Institutional Ownership by Quarter for Mirati Therapeutics (NASDAQ:MRTX)

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