Mirati Therapeutics Sees Unusually Large Options Volume (NASDAQ:MRTX)

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Mirati Therapeutics Inc (NASDAQ:MRTX) was the recipient of unusually large options trading on Thursday. Stock traders acquired 5,689 call options on the company. This represents an increase of approximately 1,131% compared to the typical volume of 462 call options.

Shares of MRTX opened at $84.44 on Friday. The business’s 50 day moving average is $82.67 and its two-hundred day moving average is $85.08. Mirati Therapeutics has a 52-week low of $28.50 and a 52-week high of $111.99. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of -26.47 and a beta of 2.00.

Mirati Therapeutics (NASDAQ:MRTX) last announced its earnings results on Monday, August 5th. The biotechnology company reported ($1.26) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.18) by ($0.08). The business had revenue of $0.58 million during the quarter. On average, analysts anticipate that Mirati Therapeutics will post -5.08 earnings per share for the current year.

In other Mirati Therapeutics news, major shareholder Avoro Capital Advisors Llc sold 62,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $101.88, for a total value of $6,367,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles M. Baum sold 51,810 shares of the company’s stock in a transaction that occurred on 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 120,352 shares of company stock valued at $11,382,964. 4.86% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in MRTX. FMR LLC raised its position in shares of Mirati Therapeutics by 109.7% in the 1st quarter. FMR LLC now owns 4,606,270 shares of the biotechnology company’s stock valued at $337,640,000 after purchasing an additional 2,409,882 shares in the last quarter. Perceptive Advisors LLC raised its position in shares of Mirati Therapeutics by 149.0% in the 2nd quarter. Perceptive Advisors LLC now owns 2,899,606 shares of the biotechnology company’s stock valued at $298,659,000 after purchasing an additional 1,735,224 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Mirati Therapeutics by 36.8% in the 2nd quarter. Vanguard Group Inc. now owns 2,984,506 shares of the biotechnology company’s stock valued at $307,404,000 after purchasing an additional 802,468 shares in the last quarter. Invesco Ltd. raised its position in shares of Mirati Therapeutics by 329.7% in the 2nd quarter. Invesco Ltd. now owns 1,002,795 shares of the biotechnology company’s stock valued at $103,288,000 after purchasing an additional 769,429 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Mirati Therapeutics by 792.6% during the 2nd quarter. Renaissance Technologies LLC now owns 449,000 shares of the biotechnology company’s stock valued at $46,247,000 after acquiring an additional 398,700 shares in the last quarter.

A number of equities analysts have weighed in on the company. Zacks Investment Research cut Mirati Therapeutics from a “hold” rating to a “sell” rating in a report on Wednesday. BidaskClub upgraded Mirati Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday. JPMorgan Chase & Co. cut Mirati Therapeutics from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $101.00 to $85.00 in a report on Friday, August 2nd. Citigroup set a $130.00 price target on Mirati Therapeutics and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Guggenheim upgraded Mirati Therapeutics from a “neutral” rating to a “buy” rating and set a $116.00 price target for the company in a report on Tuesday, September 24th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $101.63.

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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