Mirati Therapeutics (NASDAQ:MRTX) Given New $244.00 Price Target at Barclays

Mirati Therapeutics (NASDAQ:MRTX) had its price target hoisted by research analysts at Barclays from $143.00 to $244.00 in a report issued on Thursday, The Fly reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Barclays‘s price target would indicate a potential upside of 20.64% from the company’s current price.

A number of other research analysts have also recently weighed in on the company. HC Wainwright lifted their target price on Mirati Therapeutics from $222.00 to $238.00 and gave the company a “buy” rating in a report on Monday. Piper Sandler lifted their target price on Mirati Therapeutics from $170.00 to $210.00 and gave the company an “overweight” rating in a report on Monday. BidaskClub cut Mirati Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 22nd. Bank of America assumed coverage on Mirati Therapeutics in a report on Monday, September 28th. They issued a “neutral” rating and a $172.00 target price on the stock. Finally, Oppenheimer boosted their price objective on Mirati Therapeutics from $190.00 to $225.00 and gave the stock an “outperform” rating in a research note on Monday. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Mirati Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $183.67.

MRTX stock opened at $202.25 on Thursday. Mirati Therapeutics has a 52-week low of $66.01 and a 52-week high of $211.50. The stock’s fifty day simple moving average is $170.61 and its 200-day simple moving average is $127.36. The stock has a market capitalization of $9.01 billion, a price-to-earnings ratio of -28.41 and a beta of 1.85.

Mirati Therapeutics (NASDAQ:MRTX) last issued its earnings results on Thursday, August 6th. The biotechnology company reported ($1.89) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($2.10) by $0.21. Mirati Therapeutics had a negative return on equity of 57.01% and a negative net margin of 10,983.84%. As a group, sell-side analysts forecast that Mirati Therapeutics will post -8.31 EPS for the current year.

In other news, Director Henry J. Fuchs sold 10,000 shares of Mirati Therapeutics stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $131.38, for a total transaction of $1,313,800.00. Following the sale, the director now directly owns 12,000 shares of the company’s stock, valued at $1,576,560. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.10% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Marshall Wace LLP increased its position in Mirati Therapeutics by 2,326.5% in the first quarter. Marshall Wace LLP now owns 4,853 shares of the biotechnology company’s stock worth $356,000 after buying an additional 4,653 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Mirati Therapeutics by 12.6% during the first quarter. Wells Fargo & Company MN now owns 45,334 shares of the biotechnology company’s stock valued at $3,485,000 after purchasing an additional 5,073 shares during the period. AQR Capital Management LLC increased its holdings in shares of Mirati Therapeutics by 11.4% during the first quarter. AQR Capital Management LLC now owns 15,220 shares of the biotechnology company’s stock valued at $1,170,000 after purchasing an additional 1,556 shares during the period. Advisor Group Holdings Inc. acquired a new position in shares of Mirati Therapeutics during the first quarter valued at $28,000. Finally, Royal Bank of Canada increased its holdings in shares of Mirati Therapeutics by 627.4% during the first quarter. Royal Bank of Canada now owns 39,412 shares of the biotechnology company’s stock valued at $3,030,000 after purchasing an additional 33,994 shares during the period.

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. It is developing MRTX849, a KRAS G12C inhibitor, which is in Phase I/II clinical trial for treating non-small cell lung (NSCL), colorectal, pancreatic, and other cancers; and sitravatinib, a spectrum-selective kinase inhibitor that is in Phase II clinical trial for the treatment of NSCL cancer, as well as a KRAS G12D inhibitor program, which is in preclinical development.

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