FY2019 Earnings Forecast for Mirati Therapeutics Inc Issued By Jefferies Financial Group (NASDAQ:MRTX)

Mirati Therapeutics Inc (NASDAQ:MRTX) – Equities researchers at Jefferies Financial Group cut their FY2019 earnings per share (EPS) estimates for shares of Mirati Therapeutics in a research note issued to investors on Tuesday, November 5th. Jefferies Financial Group analyst M. Raycroft now forecasts that the biotechnology company will post earnings of ($5.18) per share for the year, down from their previous forecast of ($4.90). Jefferies Financial Group currently has a “Buy” rating and a $105.00 target price on the stock. Jefferies Financial Group also issued estimates for Mirati Therapeutics’ Q4 2019 earnings at ($1.35) EPS, FY2020 earnings at ($4.96) EPS, FY2021 earnings at ($5.21) EPS and FY2022 earnings at ($2.84) EPS.

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Mirati Therapeutics (NASDAQ:MRTX) last issued its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.38) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.25) by ($0.13). The company had revenue of $0.99 million for the quarter, compared to the consensus estimate of $0.50 million. Mirati Therapeutics had a negative return on equity of 48.60% and a negative net margin of 2,698.66%.

Other research analysts have also issued research reports about the company. Cowen reiterated a “buy” rating on shares of Mirati Therapeutics in a research report on Friday, October 18th. Leerink Swann set a $118.00 price target on Mirati Therapeutics and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Citigroup set a $130.00 price target on Mirati Therapeutics and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Credit Suisse Group set a $115.00 price target on Mirati Therapeutics and gave the stock a “buy” rating in a research report on Friday, September 27th. Finally, ValuEngine upgraded Mirati Therapeutics from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $105.67.

MRTX stock traded up $1.15 during trading on Friday, reaching $99.15. 2,082 shares of the company’s stock were exchanged, compared to its average volume of 904,291. Mirati Therapeutics has a 1-year low of $34.39 and a 1-year high of $111.99. The company’s fifty day moving average price is $83.68 and its 200-day moving average price is $86.98. The firm has a market cap of $3.86 billion, a PE ratio of -30.72 and a beta of 2.05.

Institutional investors have recently made changes to their positions in the company. Aperio Group LLC acquired a new stake in shares of Mirati Therapeutics in the second quarter valued at $50,000. NumerixS Investment Technologies Inc purchased a new stake in shares of Mirati Therapeutics during the second quarter valued at $52,000. Quantamental Technologies LLC purchased a new stake in shares of Mirati Therapeutics during the second quarter valued at $59,000. First Mercantile Trust Co. purchased a new stake in shares of Mirati Therapeutics during the second quarter valued at $89,000. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Mirati Therapeutics during the third quarter valued at $112,000.

In other news, Director Michael G. Grey sold 3,042 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $92.27, for a total value of $280,685.34. Following the completion of the sale, the director now owns 4,840 shares in the company, valued at $446,586.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Bruce L. A. Carter sold 3,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $89.24, for a total value of $267,720.00. Following the completion of the sale, the director now owns 3,000 shares of the company’s stock, valued at approximately $267,720. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,852 shares of company stock valued at $5,015,464. Insiders own 4.86% of the company’s stock.

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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