Mirati Therapeutics (MRTX) Trading Up 6.9%

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Shares of Mirati Therapeutics Inc (NASDAQ:MRTX) were up 6.9% during mid-day trading on Tuesday . The stock traded as high as $44.43 and last traded at $43.98. Approximately 921,337 shares were traded during mid-day trading, an increase of 90% from the average daily volume of 485,268 shares. The stock had previously closed at $41.14.

A number of equities analysts have commented on MRTX shares. SunTrust Banks boosted their price target on shares of Mirati Therapeutics to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, June 19th. Cowen reiterated a “buy” rating on shares of Mirati Therapeutics in a report on Thursday, June 28th. Citigroup upped their price target on shares of Mirati Therapeutics from $37.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, July 5th. Cann upped their price target on shares of Mirati Therapeutics from $35.00 to $62.00 and gave the company an “average” rating in a report on Monday, July 9th. Finally, Oppenheimer upped their price target on shares of Mirati Therapeutics from $35.00 to $62.00 and gave the company an “outperform” rating in a report on Monday, July 9th. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $52.00.

The firm has a market capitalization of $1.52 billion, a P/E ratio of -14.80 and a beta of 1.65.

Mirati Therapeutics (NASDAQ:MRTX) last issued its quarterly earnings data on Wednesday, August 1st. The biotechnology company reported ($0.94) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.78) by ($0.16). On average, analysts anticipate that Mirati Therapeutics Inc will post -3.14 earnings per share for the current fiscal year.

In other news, CEO Charles M. Baum sold 51,810 shares of the company’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $57.55, for a total value of $2,981,665.50. Following the sale, the chief executive officer now directly owns 102,742 shares of the company’s stock, valued at approximately $5,912,802.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.86% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the company. Macquarie Group Ltd. grew its position in shares of Mirati Therapeutics by 0.7% in the 2nd quarter. Macquarie Group Ltd. now owns 225,130 shares of the biotechnology company’s stock worth $11,099,000 after buying an additional 1,500 shares during the period. Legal & General Group Plc purchased a new stake in Mirati Therapeutics during the 2nd quarter valued at about $150,000. Quantitative Systematic Strategies LLC purchased a new stake in Mirati Therapeutics during the 2nd quarter valued at about $214,000. Renaissance Technologies LLC purchased a new stake in Mirati Therapeutics during the 2nd quarter valued at about $227,000. Finally, United Services Automobile Association purchased a new stake in Mirati Therapeutics during the 2nd quarter valued at about $250,000. 97.65% of the stock is currently owned by hedge funds and other institutional investors.

About Mirati Therapeutics (NASDAQ:MRTX)

Mirati Therapeutics, Inc, a clinical-stage oncology company, develops targeted therapeutics to address the genetic, epigenetic, and immunological promoters of cancer. The company is involved in developing sitravatinib, an oral spectrum-selective kinase inhibitor, which is in Phase II clinical for the treatment of solid tumor; and in Phase Ib clinical trial to treat non-small cell lung cancer (NCSLC) patients with CBL, chromosome 4q12, and RET genetic alterations, as well as mocetinostat, an orally administered spectrum-selective Class 1 histone deacetylase inhibitor that is in Phase II clinical trial in combination with durvalumab for the treatment of patients with NSCLC.

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