Shares of Mirati Therapeutics Inc (NASDAQ:MRTX) were up 7.3% during trading on Wednesday . The stock traded as high as $87.78 and last traded at $85.51, approximately 729,367 shares changed hands during mid-day trading. An increase of 10% from the average daily volume of 664,360 shares. The stock had previously closed at $79.71.
A number of analysts have recently weighed in on the stock. Deutsche Bank began coverage on shares of Mirati Therapeutics in a research note on Thursday, July 18th. They issued a “hold” rating and a $86.00 price objective on the stock. Jefferies Financial Group upgraded shares of Mirati Therapeutics from a “hold” rating to a “buy” rating and boosted their target price for the company from $89.00 to $105.00 in a research report on Monday. Guggenheim lowered shares of Mirati Therapeutics from a “buy” rating to a “neutral” rating and set a $95.56 price target on the stock. in a report on Friday, June 7th. Barclays upped their price target on shares of Mirati Therapeutics from $85.00 to $123.00 and gave the company an “overweight” rating in a report on Wednesday, June 5th. Finally, Cantor Fitzgerald cut their price target on Mirati Therapeutics from $85.00 to $81.00 and set a “neutral” rating on the stock in a research report on Monday. Two analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the stock. Mirati Therapeutics has an average rating of “Buy” and a consensus target price of $98.60.
The company has a market cap of $3.19 billion, a price-to-earnings ratio of -26.81 and a beta of 2.07. The company’s 50-day moving average is $90.90 and its 200 day moving average is $83.56.
In related news, CEO Charles M. Baum sold 51,810 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $86.22, for a total value of $4,467,058.20. Following the completion of the transaction, the chief executive officer now owns 117,851 shares of the company’s stock, valued at approximately $10,161,113.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bruce L. A. Carter sold 3,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $89.24, for a total value of $267,720.00. Following the transaction, the director now owns 3,000 shares in the company, valued at approximately $267,720. The disclosure for this sale can be found here. Insiders have sold a total of 845,360 shares of company stock worth $82,651,250 over the last 90 days. Insiders own 4.70% of the company’s stock.
Several institutional investors have recently bought and sold shares of MRTX. Aperio Group LLC purchased a new position in shares of Mirati Therapeutics during the 2nd quarter valued at approximately $50,000. NumerixS Investment Technologies Inc acquired a new position in Mirati Therapeutics during the second quarter worth $52,000. Quantamental Technologies LLC purchased a new position in Mirati Therapeutics during the second quarter valued at $59,000. First Mercantile Trust Co. purchased a new position in Mirati Therapeutics during the second quarter valued at $89,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Mirati Therapeutics by 19.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,422 shares of the biotechnology company’s stock valued at $146,000 after purchasing an additional 235 shares in the last quarter.
About Mirati Therapeutics (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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