Mirati Therapeutics (NASDAQ:MRTX) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
Several other analysts have also recently issued reports on MRTX. SunTrust Banks increased their target price on Mirati Therapeutics to $60.00 and gave the company a “buy” rating in a research report on Tuesday, June 19th. Cowen reaffirmed a “buy” rating on shares of Mirati Therapeutics in a research report on Thursday, June 28th. Citigroup increased their target price on Mirati Therapeutics from $37.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, July 5th. Cann increased their target price on Mirati Therapeutics from $35.00 to $62.00 and gave the company an “average” rating in a research report on Monday, July 9th. Finally, Oppenheimer increased their target price on Mirati Therapeutics from $35.00 to $62.00 and gave the company an “outperform” rating in a research report on Monday, July 9th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Mirati Therapeutics has an average rating of “Buy” and a consensus target price of $52.00.
Shares of NASDAQ MRTX opened at $42.58 on Thursday. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of -15.32 and a beta of 1.65. Mirati Therapeutics has a 12-month low of $12.26 and a 12-month high of $65.35.
Mirati Therapeutics (NASDAQ:MRTX) last announced its earnings results on Wednesday, August 1st. The biotechnology company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.16). On average, equities research analysts forecast that Mirati Therapeutics will post -3.14 earnings per share for the current fiscal year.
In other news, CEO Charles M. Baum sold 51,810 shares of the stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $57.55, for a total transaction of $2,981,665.50. Following the completion of the sale, the chief executive officer now owns 102,742 shares in the company, valued at approximately $5,912,802.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.86% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of MRTX. FMR LLC raised its stake in Mirati Therapeutics by 67.5% during the second quarter. FMR LLC now owns 1,986,315 shares of the biotechnology company’s stock worth $97,926,000 after purchasing an additional 800,223 shares during the period. Boxer Capital LLC lifted its position in Mirati Therapeutics by 14.1% in the 2nd quarter. Boxer Capital LLC now owns 1,565,560 shares of the biotechnology company’s stock valued at $77,182,000 after purchasing an additional 193,050 shares during the last quarter. BlackRock Inc. lifted its position in Mirati Therapeutics by 128.8% in the 2nd quarter. BlackRock Inc. now owns 1,451,214 shares of the biotechnology company’s stock valued at $71,544,000 after purchasing an additional 816,980 shares during the last quarter. Janus Henderson Group PLC bought a new stake in Mirati Therapeutics in the 2nd quarter valued at about $32,639,000. Finally, Jennison Associates LLC lifted its position in Mirati Therapeutics by 16.3% in the 2nd quarter. Jennison Associates LLC now owns 614,719 shares of the biotechnology company’s stock valued at $30,306,000 after purchasing an additional 86,323 shares during the last quarter. Hedge funds and other institutional investors own 97.65% of the company’s stock.
About Mirati Therapeutics
Mirati Therapeutics, Inc, a clinical-stage oncology company, develops targeted therapeutics to address the genetic, epigenetic, and immunological promoters of cancer. The company is involved in developing sitravatinib, an oral spectrum-selective kinase inhibitor, which is in Phase II clinical for the treatment of solid tumor; and in Phase Ib clinical trial to treat non-small cell lung cancer (NCSLC) patients with CBL, chromosome 4q12, and RET genetic alterations, as well as mocetinostat, an orally administered spectrum-selective Class 1 histone deacetylase inhibitor that is in Phase II clinical trial in combination with durvalumab for the treatment of patients with NSCLC.
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