Mirati Therapeutics (NASDAQ:MRTX) Coverage Initiated by Analysts at StockNews.com

StockNews.com assumed coverage on shares of Mirati Therapeutics (NASDAQ:MRTX – Get Rating) in a report published on Thursday. The brokerage issued a sell rating on the biotechnology company’s stock.

A number of other equities analysts have also recently issued reports on MRTX. Stifel Nicolaus lowered their target price on Mirati Therapeutics to $73.00 in a report on Friday, December 9th. SVB Leerink lowered their target price on Mirati Therapeutics from $85.00 to $75.00 and set an outperform rating for the company in a report on Wednesday, December 14th. Bank of America reduced their price target on Mirati Therapeutics from $100.00 to $61.00 in a research report on Thursday, December 8th. JPMorgan Chase & Co. lowered Mirati Therapeutics from an overweight rating to a neutral rating and reduced their price target for the company from $94.00 to $65.00 in a research report on Thursday, December 8th. Finally, Oppenheimer reduced their price target on Mirati Therapeutics from $85.00 to $60.00 and set a market perform rating on the stock in a research report on Thursday, December 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Mirati Therapeutics presently has a consensus rating of Hold and an average price target of $80.87.

Mirati Therapeutics Stock Down 3.4 %

Shares of MRTX opened at $41.40 on Thursday. Mirati Therapeutics has a 12-month low of $32.96 and a 12-month high of $101.30. The business has a 50-day simple moving average of $46.19 and a two-hundred day simple moving average of $59.66.

Mirati Therapeutics (NASDAQ:MRTX – Get Rating) last issued its earnings results on Tuesday, February 28th. The biotechnology company reported ($3.51) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.74) by $0.23. Mirati Therapeutics had a negative return on equity of 66.05% and a negative net margin of 5,957.44%. The business had revenue of $0.93 million during the quarter, compared to analysts’ expectations of $2.65 million. During the same quarter in the prior year, the firm earned ($3.72) EPS. The business’s revenue for the quarter was up 212.4% compared to the same quarter last year. As a group, analysts expect that Mirati Therapeutics will post -13.26 EPS for the current fiscal year.

Insider Activity at Mirati Therapeutics

In related news, insider Charles M. Baum sold 9,092 shares of the company’s stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $40.42, for a total transaction of $367,498.64. Following the sale, the insider now owns 172,425 shares in the company, valued at approximately $6,969,418.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Benjamin Hickey sold 3,248 shares of the company’s stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $40.41, for a total transaction of $131,251.68. Following the sale, the executive vice president now owns 50,877 shares in the company, valued at approximately $2,055,939.57. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Charles M. Baum sold 9,092 shares of the company’s stock in a transaction dated Wednesday, December 21st. The shares were sold at an average price of $40.42, for a total value of $367,498.64. Following the sale, the insider now owns 172,425 shares in the company, valued at approximately $6,969,418.50. The disclosure for this sale can be found here. Insiders have sold a total of 32,611 shares of company stock worth $1,384,409 in the last 90 days. Corporate insiders own 3.47% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MRTX. Goldman Sachs Group Inc. boosted its holdings in Mirati Therapeutics by 1,803.1% in the second quarter. Goldman Sachs Group Inc. now owns 2,447,460 shares of the biotechnology company’s stock worth $164,298,000 after acquiring an additional 2,318,853 shares in the last quarter. Armistice Capital LLC boosted its holdings in Mirati Therapeutics by 83.6% in the fourth quarter. Armistice Capital LLC now owns 3,488,000 shares of the biotechnology company’s stock worth $158,041,000 after acquiring an additional 1,588,000 shares in the last quarter. EcoR1 Capital LLC bought a new position in Mirati Therapeutics in the third quarter worth approximately $70,928,000. Morgan Stanley boosted its holdings in Mirati Therapeutics by 71.2% in the fourth quarter. Morgan Stanley now owns 1,689,711 shares of the biotechnology company’s stock worth $76,561,000 after acquiring an additional 702,556 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its holdings in Mirati Therapeutics by 639.9% in the fourth quarter. Point72 Asset Management L.P. now owns 753,600 shares of the biotechnology company’s stock worth $34,146,000 after acquiring an additional 651,753 shares in the last quarter.

Mirati Therapeutics Company Profile

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Mirati Therapeutics, Inc operates as a clinical-stage oncology company. engages in the development of novel therapeutics. The firm’s products target the genetic and immunological promoters of cancer. Its clinical pipeline consists of Adagrasib, MRTX1133, and Sitravatinib. The company was founded on December 13, 1995, and is headquartered in San Diego, CA.