Mirati Therapeutics (MRTX) Shares Up 0% on Analyst Upgrade

Mirati Therapeutics, Inc. (NASDAQ:MRTX)’s share price was up 0% during trading on Tuesday after HC Wainwright raised their price target on the stock from $17.00 to $21.00. HC Wainwright currently has a buy rating on the stock. Mirati Therapeutics traded as high as $19.13 and last traded at $19.05. Approximately 502,748 shares traded hands during mid-day trading, an increase of 37% from the average daily volume of 365,788 shares. The stock had previously closed at $19.05.

Other equities research analysts have also recently issued reports about the stock. SunTrust Banks reaffirmed a “buy” rating and set a $13.00 price objective on shares of Mirati Therapeutics in a research report on Thursday, October 12th. Citigroup reaffirmed a “buy” rating and set a $16.00 price objective (up from $8.00) on shares of Mirati Therapeutics in a research report on Tuesday, September 19th. Oppenheimer reaffirmed a “buy” rating and set a $18.00 price objective on shares of Mirati Therapeutics in a research report on Wednesday, November 22nd. Cann reaffirmed a “buy” rating and set a $18.00 price objective on shares of Mirati Therapeutics in a research report on Monday. Finally, ValuEngine raised shares of Mirati Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday, November 16th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $14.75.

In related news, SVP Jamie Christensen sold 7,499 shares of the business’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $14.00, for a total value of $104,986.00. Following the completion of the sale, the senior vice president now directly owns 10,169 shares of the company’s stock, valued at $142,366. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Venbio Select Advisor Llc purchased 650,000 shares of Mirati Therapeutics stock in a transaction that occurred on Thursday, November 16th. The stock was bought at an average cost of $13.00 per share, with a total value of $8,450,000.00. The disclosure for this purchase can be found here. 5.10% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in MRTX. Royce & Associates LP lifted its position in Mirati Therapeutics by 88.7% in the second quarter. Royce & Associates LP now owns 251,100 shares of the biotechnology company’s stock valued at $917,000 after acquiring an additional 118,063 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Mirati Therapeutics by 53.3% in the second quarter. Dimensional Fund Advisors LP now owns 199,563 shares of the biotechnology company’s stock valued at $728,000 after acquiring an additional 69,377 shares during the last quarter. PDT Partners LLC purchased a new stake in Mirati Therapeutics in the second quarter valued at $200,000. Goldman Sachs Group Inc. lifted its position in Mirati Therapeutics by 845.4% in the second quarter. Goldman Sachs Group Inc. now owns 98,251 shares of the biotechnology company’s stock valued at $359,000 after acquiring an additional 87,858 shares during the last quarter. Finally, Susquehanna International Group LLP lifted its position in Mirati Therapeutics by 46.5% in the second quarter. Susquehanna International Group LLP now owns 50,509 shares of the biotechnology company’s stock valued at $184,000 after acquiring an additional 16,030 shares during the last quarter. 64.68% of the stock is owned by hedge funds and other institutional investors.

The stock has a market capitalization of $464.29, a PE ratio of -6.13 and a beta of 1.79.

Mirati Therapeutics (NASDAQ:MRTX) last announced its quarterly earnings results on Wednesday, November 1st. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.16. equities analysts predict that Mirati Therapeutics, Inc. will post -2.73 EPS for the current fiscal year.

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About Mirati Therapeutics

Mirati Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of oncology products. The company’s clinical stage product candidates include glesatinib, an orally-bioavailable, potent, small molecule kinase inhibitor that is in Phase II clinical trials for the treatment of non-small cell lung cancer (NSCLC) patients with genetic alterations of MET; and in Phase Ib clinical trials in patients with genetic alterations of MET and Axl in NSCLC and other solid tumors.

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