528,845 Shares in Mirati Therapeutics Inc (MRTX) Purchased by OppenheimerFunds Inc.

OppenheimerFunds Inc. acquired a new stake in shares of Mirati Therapeutics Inc (NASDAQ:MRTX) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 528,845 shares of the biotechnology company’s stock, valued at approximately $26,072,000. OppenheimerFunds Inc. owned approximately 1.63% of Mirati Therapeutics as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. bought a new stake in Mirati Therapeutics in the first quarter worth approximately $239,000. Northern Trust Corp grew its position in Mirati Therapeutics by 9.4% in the first quarter. Northern Trust Corp now owns 60,341 shares of the biotechnology company’s stock worth $1,852,000 after acquiring an additional 5,197 shares in the last quarter. BlackRock Inc. grew its position in Mirati Therapeutics by 24.3% in the first quarter. BlackRock Inc. now owns 634,234 shares of the biotechnology company’s stock worth $19,472,000 after acquiring an additional 123,872 shares in the last quarter. IFP Advisors Inc bought a new stake in Mirati Therapeutics in the first quarter worth approximately $508,000. Finally, California Public Employees Retirement System bought a new stake in Mirati Therapeutics in the first quarter worth approximately $275,000. 97.82% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ MRTX opened at $55.30 on Friday. The firm has a market cap of $1.78 billion, a P/E ratio of -19.89 and a beta of 1.95. Mirati Therapeutics Inc has a 1 year low of $9.15 and a 1 year high of $65.35.

Mirati Therapeutics (NASDAQ:MRTX) last posted its quarterly earnings data on Wednesday, August 1st. The biotechnology company reported ($0.94) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.78) by ($0.16). analysts anticipate that Mirati Therapeutics Inc will post -3.14 earnings per share for the current year.

Several analysts have commented on the stock. Cann reissued a “buy” rating and issued a $62.00 target price on shares of Mirati Therapeutics in a research report on Thursday, August 2nd. SunTrust Banks boosted their target price on shares of Mirati Therapeutics to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, June 19th. Oppenheimer boosted their target price on shares of Mirati Therapeutics from $35.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday, July 9th. Citigroup boosted their target price on shares of Mirati Therapeutics from $37.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, July 5th. Finally, Cowen reissued a “buy” rating on shares of Mirati Therapeutics in a research report on Thursday, June 28th. One analyst has rated the stock with a sell rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $47.75.

In related news, SVP Jamie Christensen sold 10,207 shares of the company’s stock in a transaction on Wednesday, June 27th. The shares were sold at an average price of $49.15, for a total transaction of $501,674.05. Following the completion of the sale, the senior vice president now directly owns 8,085 shares of the company’s stock, valued at approximately $397,377.75. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Charles M. Baum sold 51,810 shares of the company’s 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 sale, the chief executive officer now directly owns 102,742 shares of the company’s stock, valued at $5,912,802.10. The disclosure for this sale can be found here. 4.86% of the stock is currently owned by corporate insiders.

Mirati Therapeutics Profile

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.

Further Reading: Index Funds

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

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