Zacks Investment Research Upgrades Mirati Therapeutics (NASDAQ:MRTX) to Hold

Zacks Investment Research upgraded shares of Mirati Therapeutics (NASDAQ:MRTX) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning, 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. “

Several other equities analysts have also weighed in on the company. Credit Suisse Group set a $115.00 price target on Mirati Therapeutics and gave the company a buy rating in a research note on Friday, September 27th. Jefferies Financial Group upgraded Mirati Therapeutics from a hold rating to a buy rating and increased their price target for the stock from $89.00 to $105.00 in a research report on Monday, September 9th. Citigroup set a $130.00 price objective on Mirati Therapeutics and gave the company a buy rating in a report on Wednesday, October 9th. Cantor Fitzgerald boosted their price objective on Mirati Therapeutics from $81.00 to $85.00 and gave the company a neutral rating in a research report on Tuesday, October 29th. Finally, BidaskClub downgraded Mirati Therapeutics from a buy rating to a hold rating in a research note on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company’s stock. Mirati Therapeutics currently has an average rating of Buy and an average price target of $105.67.

Shares of NASDAQ MRTX opened at $104.80 on Tuesday. The company has a market capitalization of $3.97 billion, a PE ratio of -32.85 and a beta of 2.09. The company’s fifty day moving average price is $91.83 and its 200 day moving average price is $91.13. Mirati Therapeutics has a 1 year low of $34.39 and a 1 year high of $111.99.

Mirati Therapeutics (NASDAQ:MRTX) last released its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.13). The firm had revenue of $0.99 million during the quarter, compared to analysts’ expectations of $0.50 million. Mirati Therapeutics had a negative net margin of 2,698.66% and a negative return on equity of 48.60%. As a group, equities analysts predict that Mirati Therapeutics will post -5.36 earnings per share for the current fiscal year.

In related news, Director Michael G. Grey sold 3,042 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $102.44, for a total value of $311,622.48. Following the completion of the transaction, the director now directly owns 5,298 shares of the company’s stock, valued at approximately $542,727.12. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Bruce L. A. Carter sold 3,000 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $94.74, for a total value of $284,220.00. Following the completion of the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at $284,220. The disclosure for this sale can be found here. Company insiders own 4.70% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in MRTX. Zurcher Kantonalbank Zurich Cantonalbank boosted its position 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 worth $146,000 after acquiring an additional 235 shares during the last quarter. Mackay Shields LLC boosted its holdings in shares of Mirati Therapeutics by 1.6% during the 3rd quarter. Mackay Shields LLC now owns 19,200 shares of the biotechnology company’s stock worth $1,496,000 after purchasing an additional 300 shares during the last quarter. First Mercantile Trust Co. grew its position in shares of Mirati Therapeutics by 34.7% in the third quarter. First Mercantile Trust Co. now owns 1,169 shares of the biotechnology company’s stock valued at $91,000 after purchasing an additional 301 shares in the last quarter. Aperio Group LLC purchased a new stake in shares of Mirati Therapeutics in the second quarter valued at approximately $50,000. Finally, NumerixS Investment Technologies Inc acquired a new stake in shares of Mirati Therapeutics in the second quarter valued at approximately $52,000.

Mirati Therapeutics Company Profile

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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