Weekly Research Analysts’ Ratings Updates for Mirati Therapeutics (MRTX)

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Several analysts have recently updated their ratings and price targets for Mirati Therapeutics (NASDAQ: MRTX):

  • 11/8/2018 – Mirati Therapeutics was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating.
  • 11/6/2018 – Mirati Therapeutics had its “buy” rating reaffirmed by analysts at Cann. They now have a $57.00 price target on the stock, down previously from $62.00. They wrote, “Loss per share was $0.85, compared to our estimated loss of $0.84. Operating expenses were 13% higher than our estimate, but were offset by higher interest income and higher number of shares outstanding, both due to the equity offering. Our revenue outlook for 2018-2023 is unchanged. We are increasing our estimate of operating expenses 6.3% in 2018 and expenses are unchanged for 2019-2023. We are increasing our estimated 2018 loss per share by 1.4% and, due to higher shares outstanding, we are decreasing our estimated loss per share in 2019-2022, by 8.1-8.5% per year. We are decreasing 2023 EPS by 2.2%.””
  • 10/30/2018 – Mirati Therapeutics had its “buy” rating reaffirmed by analysts at Cann. They now have a $62.00 price target on the stock. They wrote, “Mirati’s filing of this IND for MRTX849 is in line with our expectation for timing. This filing, along with recent encouraging data from the first preclinical results for this KRAS G12C inhibitor, supports our outlook. G12C positive mutations mutations occur in many patients with NSCLC and CRC tumors, and in other solid tumors, including pancreatic cancer. Mirati’s KRAS program could be a contributor to revenues in 2023, with 1.7% market penetration in both KRAS-G12C mutant non–small cell lung cancer and colorectal cancer resulting in $650.7 million in 2023 sales, or 39.6% of Mirati’s estimated 2023 sales.””
  • 10/30/2018 – Mirati Therapeutics was given a new $62.00 price target on by analysts at Oppenheimer Holdings Inc.. They now have a “buy” rating on the stock.
  • 10/29/2018 – Mirati Therapeutics was upgraded by analysts at Guggenheim from a “neutral” rating to a “buy” rating.
  • 10/22/2018 – Mirati Therapeutics had its “buy” rating reaffirmed by analysts at Cowen Inc.
  • 10/21/2018 – Mirati Therapeutics had its “buy” rating reaffirmed by analysts at Cann. They now have a $62.00 price target on the stock. They wrote, “The data presented at ESMO for single-agent sitravatinib in a subset of patients with CBL mutations were from a small dataset, but very encouraging. CBL mutations are present in 1.5% of NSCLC, 3.5% of melanoma, and 2% of cancers of unknown origin, and these tumors have limited treatment options. We anticipate sitravatinib could launch in 2023, in multiple settings as both a single-agent and in combination with other agents, and could account for nearly 34% of Mirati’s estimated product sales.””
  • 10/11/2018 – Mirati Therapeutics was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating.
  • 10/4/2018 – Mirati Therapeutics was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “Mirati Therapeutics, Inc. is a biopharmaceutical company. It engaged in the development of novel therapeutics for the treatment of cancer. Mirati Therapeutics, Inc., formerly known as MethylGene Inc., is based in Montreal, Canada. “
  • 9/28/2018 – Mirati Therapeutics was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating.
  • 9/27/2018 – Mirati Therapeutics had its “buy” rating reaffirmed by analysts at Cowen Inc.
  • 9/17/2018 – Mirati Therapeutics is now covered by analysts at Guggenheim. They set a “neutral” rating on the stock.

MRTX stock traded down $2.37 during trading on Friday, hitting $39.56. The company had a trading volume of 459,000 shares, compared to its average volume of 534,097. Mirati Therapeutics Inc has a 12 month low of $12.85 and a 12 month high of $65.35. The stock has a market capitalization of $1.27 billion, a PE ratio of -14.23 and a beta of 1.83.

Mirati Therapeutics (NASDAQ:MRTX) last posted its quarterly earnings data on Tuesday, November 6th. The biotechnology company reported ($0.85) earnings per share for the quarter, topping the consensus estimate of ($0.87) by $0.02. On average, equities research analysts anticipate that Mirati Therapeutics Inc will post -3.25 earnings per share for the current year.

In related news, CEO Charles M. Baum sold 51,810 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 102,742 shares in the company, valued at approximately $5,912,802.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.86% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. FMR LLC raised its position in Mirati Therapeutics by 7.4% in the 3rd quarter. FMR LLC now owns 2,132,689 shares of the biotechnology company’s stock worth $100,450,000 after purchasing an additional 146,374 shares during the last quarter. BlackRock Inc. raised its position in Mirati Therapeutics by 8.8% in the 3rd quarter. BlackRock Inc. now owns 1,578,852 shares of the biotechnology company’s stock worth $74,364,000 after purchasing an additional 127,638 shares during the last quarter. Boxer Capital LLC raised its position in Mirati Therapeutics by 14.1% in the 2nd quarter. Boxer Capital LLC now owns 1,565,560 shares of the biotechnology company’s stock worth $77,182,000 after purchasing an additional 193,050 shares during the last quarter. Janus Henderson Group PLC raised its position in Mirati Therapeutics by 54.9% in the 3rd quarter. Janus Henderson Group PLC now owns 1,025,767 shares of the biotechnology company’s stock worth $48,314,000 after purchasing an additional 363,728 shares during the last quarter. Finally, Jennison Associates LLC raised its position in Mirati Therapeutics by 62.4% in the 3rd quarter. Jennison Associates LLC now owns 998,504 shares of the biotechnology company’s stock worth $47,030,000 after purchasing an additional 383,785 shares during the last quarter. Hedge funds and other institutional investors own 97.66% of the company’s stock.

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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