Mirati Therapeutics (NASDAQ:MRTX) Shares Up 6.9%

Mirati Therapeutics Inc (NASDAQ:MRTX)’s stock price shot up 6.9% during mid-day trading on Friday . The stock traded as high as $104.84 and last traded at $104.78, 552,492 shares were traded during mid-day trading. A decline of 19% from the average session volume of 682,452 shares. The stock had previously closed at $98.00.

Several research firms recently issued reports on MRTX. Leerink Swann set a $118.00 price target on shares of Mirati Therapeutics and gave the stock a “buy” rating in a research report on Wednesday, July 31st. B. Riley dropped their price target on shares of Mirati Therapeutics from $92.00 to $83.00 and set a “neutral” rating for the company in a research report on Wednesday, September 11th. Cowen reaffirmed a “buy” rating on shares of Mirati Therapeutics in a report on Friday, October 18th. Credit Suisse Group set a $115.00 price objective on shares of Mirati Therapeutics and gave the stock a “buy” rating in a report on Friday, September 27th. Finally, Citigroup set a $130.00 price objective on shares of Mirati Therapeutics and gave the stock a “buy” rating in a report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $105.67.

The company’s fifty day moving average price is $83.94 and its two-hundred day moving average price is $87.18. The company has a market cap of $3.86 billion, a price-to-earnings ratio of -32.85 and a beta of 2.05.

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 analysts’ consensus estimates of ($1.25) by ($0.13). Mirati Therapeutics had a negative return on equity of 48.60% and a negative net margin of 2,698.66%. The company had revenue of $0.99 million for the quarter, compared to analyst estimates of $0.50 million. As a group, analysts expect that Mirati Therapeutics Inc will post -5.24 earnings per share for the current year.

In related news, CEO Charles M. Baum sold 51,810 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $86.22, for a total transaction of $4,467,058.20. Following the sale, the chief executive officer now directly owns 117,851 shares in the company, valued at $10,161,113.22. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Bruce L. A. Carter sold 3,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $89.24, for a total transaction of $267,720.00. Following the sale, the director now owns 3,000 shares in the company, valued at $267,720. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 57,852 shares of company stock worth $5,015,464. 4.86% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of MRTX. Marshall Wace LLP increased its stake in Mirati Therapeutics by 2,326.5% in the 1st quarter. Marshall Wace LLP now owns 4,853 shares of the biotechnology company’s stock valued at $356,000 after buying an additional 4,653 shares during the last quarter. Xact Kapitalforvaltning AB increased its stake in Mirati Therapeutics by 43.8% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 4,600 shares of the biotechnology company’s stock valued at $474,000 after buying an additional 1,400 shares during the last quarter. Handelsbanken Fonder AB increased its stake in Mirati Therapeutics by 2.5% in the 2nd quarter. Handelsbanken Fonder AB now owns 41,000 shares of the biotechnology company’s stock valued at $4,223,000 after buying an additional 1,000 shares during the last quarter. Rhenman & Partners Asset Management AB increased its stake in Mirati Therapeutics by 43.2% in the 2nd quarter. Rhenman & Partners Asset Management AB now owns 182,008 shares of the biotechnology company’s stock valued at $18,747,000 after buying an additional 54,915 shares during the last quarter. Finally, Strs Ohio acquired a new stake in Mirati Therapeutics in the 2nd quarter valued at $154,000.

Mirati Therapeutics Company Profile (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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