Mirati Therapeutics (NASDAQ:MRTX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.
According to Zacks, “Mirati Therapeutics, Inc. is a biopharmaceutical company. It engaged in the development of novel therapeutics for the treatment of cancer. Mirati Therapeutics, Inc., formerly known as MethylGene Inc., is based in Montreal, Canada. “
MRTX has been the subject of several other research reports. Guggenheim upgraded shares of Mirati Therapeutics from a “neutral” rating to a “buy” rating and set a $116.00 price objective for the company in a research report on Tuesday, September 24th. BidaskClub cut shares of Mirati Therapeutics from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Jefferies Financial Group upgraded shares of Mirati Therapeutics from a “hold” rating to a “buy” rating and raised their price objective for the company from $89.00 to $105.00 in a research report on Monday, September 9th. JPMorgan Chase & Co. cut shares of Mirati Therapeutics from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $101.00 to $85.00 in a research report on Friday, August 2nd. Finally, Cowen restated a “buy” rating on shares of Mirati Therapeutics in a research report on Tuesday, August 6th. Three 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’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $101.63.
MRTX opened at $76.93 on Thursday. The stock has a market capitalization of $3.02 billion, a PE ratio of -24.12 and a beta of 2.00. Mirati Therapeutics has a 1-year low of $28.50 and a 1-year high of $111.99. The firm has a 50-day moving average price of $83.35 and a two-hundred day moving average price of $84.95.
Mirati Therapeutics (NASDAQ:MRTX) last posted its quarterly earnings data on Monday, August 5th. The biotechnology company reported ($1.26) earnings per share for the quarter, missing the consensus estimate of ($1.18) by ($0.08). The business had revenue of $0.58 million for the quarter. On average, sell-side analysts expect that Mirati Therapeutics will post -5.09 EPS for the current fiscal year.
In other news, CEO Charles M. Baum sold 51,810 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $86.22, for a total value of $4,467,058.20. Following the transaction, the chief executive officer now owns 117,851 shares of the company’s stock, valued at approximately $10,161,113.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Avoro Capital Advisors Llc sold 62,500 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $101.88, for a total transaction of $6,367,500.00. The disclosure for this sale can be found here. Insiders sold a total of 845,360 shares of company stock worth $82,651,250 in the last ninety days. Insiders own 4.86% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in MRTX. Aperio Group LLC bought a new position in Mirati Therapeutics during the 2nd quarter worth approximately $50,000. NumerixS Investment Technologies Inc bought a new position in Mirati Therapeutics during the 2nd quarter worth approximately $52,000. Quantamental Technologies LLC bought a new position in Mirati Therapeutics during the 2nd quarter worth approximately $59,000. First Mercantile Trust Co. bought a new position in Mirati Therapeutics during the 2nd quarter worth approximately $89,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Mirati Therapeutics by 19.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,422 shares of the biotechnology company’s stock worth $146,000 after acquiring an additional 235 shares during the last quarter.
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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