Mirati Therapeutics (NASDAQ:MRTX) Announces Quarterly Earnings Results

Mirati Therapeutics (NASDAQ:MRTX) released its earnings results on Tuesday. The biotechnology company reported ($1.83) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.42) by ($0.41), Briefing.com reports. The firm had revenue of $0.50 million during the quarter, compared to analysts’ expectations of $0.24 million. Mirati Therapeutics had a negative return on equity of 48.60% and a negative net margin of 2,698.66%. The firm’s quarterly revenue was down 85.7% on a year-over-year basis.

Shares of NASDAQ:MRTX traded down $4.09 during midday trading on Tuesday, hitting $84.63. 642,434 shares of the company’s stock traded hands, compared to its average volume of 609,472. The company has a market cap of $3.73 billion, a PE ratio of -18.08 and a beta of 2.31. The firm’s fifty day moving average price is $93.41 and its two-hundred day moving average price is $94.17. Mirati Therapeutics has a twelve month low of $55.11 and a twelve month high of $132.59.

Several analysts have recently issued reports on MRTX shares. ValuEngine cut shares of Mirati Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, December 3rd. BidaskClub raised shares of Mirati Therapeutics from a “hold” rating to a “buy” rating in a research note on Friday, February 7th. Cantor Fitzgerald boosted their price objective on shares of Mirati Therapeutics from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Cowen reissued a “buy” rating on shares of Mirati Therapeutics in a research note on Tuesday, January 7th. Finally, BMO Capital Markets started coverage on shares of Mirati Therapeutics in a research note on Monday, January 27th. They set a “market perform” rating and a $101.00 price objective for the company. One 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. The company currently has a consensus rating of “Buy” and an average price target of $107.50.

In other Mirati Therapeutics news, major shareholder Boxer Capital, Llc bought 50,000 shares of Mirati Therapeutics stock in a transaction that occurred on Friday, January 10th. The shares were acquired at an average price of $97.50 per share, for a total transaction of $4,875,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 4.70% of the company’s stock.

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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Earnings History for Mirati Therapeutics (NASDAQ:MRTX)

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