Mirati Therapeutics (MRTX) Shares Down 5.5% Following Insider Selling

Share on StockTwits

Mirati Therapeutics Inc (NASDAQ:MRTX) shares were down 5.5% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $62.53 and last traded at $63.50. Approximately 930,735 shares traded hands during mid-day trading, an increase of 43% from the average daily volume of 649,017 shares. The stock had previously closed at $67.18.

Specifically, major shareholder Venbio Select Advisor Llc sold 686,820 shares of the stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $73.00, for a total value of $50,137,860.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jamie A. Donadio sold 7,500 shares of the stock in a transaction on Friday, February 15th. The stock was sold at an average price of $75.00, for a total value of $562,500.00. Following the completion of the transaction, the chief financial officer now owns 7,721 shares of the company’s stock, valued at approximately $579,075. The disclosure for this sale can be found here. Insiders have sold 1,388,671 shares of company stock valued at $100,149,078 in the last 90 days. Company insiders own 4.86% of the company’s stock.

MRTX has been the subject of several research analyst reports. Zacks Investment Research cut Mirati Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, March 7th. Credit Suisse Group initiated coverage on Mirati Therapeutics in a research report on Monday, March 25th. They issued an “outperform” rating and a $85.00 price objective for the company. Cantor Fitzgerald initiated coverage on Mirati Therapeutics in a research report on Monday, March 4th. They issued a “neutral” rating and a $66.00 price objective for the company. BidaskClub cut Mirati Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 16th. Finally, Oppenheimer set a $81.00 price objective on Mirati Therapeutics and gave the stock a “buy” rating in a research report on Thursday, March 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $69.08.

The firm has a market cap of $2.29 billion, a price-to-earnings ratio of -19.91 and a beta of 1.95.

Mirati Therapeutics (NASDAQ:MRTX) last posted its earnings results on Monday, April 29th. The biotechnology company reported ($1.17) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.97) by ($0.20). The business had revenue of $1.24 million during the quarter. As a group, analysts expect that Mirati Therapeutics Inc will post -5 EPS for the current year.

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its holdings in Mirati Therapeutics by 13.8% in the first quarter. BlackRock Inc. now owns 2,336,095 shares of the biotechnology company’s stock valued at $171,236,000 after purchasing an additional 283,146 shares during the last quarter. FMR LLC grew its holdings in Mirati Therapeutics by 3.0% in the fourth quarter. FMR LLC now owns 2,196,388 shares of the biotechnology company’s stock valued at $93,171,000 after purchasing an additional 63,699 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Mirati Therapeutics by 88.6% in the first quarter. Janus Henderson Group PLC now owns 2,034,744 shares of the biotechnology company’s stock valued at $149,147,000 after purchasing an additional 956,022 shares during the last quarter. Vanguard Group Inc. grew its holdings in Mirati Therapeutics by 1.9% in the third quarter. Vanguard Group Inc. now owns 1,431,905 shares of the biotechnology company’s stock valued at $67,443,000 after purchasing an additional 26,316 shares during the last quarter. Finally, Vanguard Group Inc grew its holdings in Mirati Therapeutics by 1.9% in the third quarter. Vanguard Group Inc now owns 1,431,905 shares of the biotechnology company’s stock valued at $67,443,000 after purchasing an additional 26,316 shares during the last quarter.

COPYRIGHT VIOLATION NOTICE: “Mirati Therapeutics (MRTX) Shares Down 5.5% Following Insider Selling” was posted by Macon Daily and is the sole property of of Macon Daily. If you are accessing this story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright and trademark legislation. The legal version of this story can be read at https://macondaily.com/2019/05/15/mirati-therapeutics-mrtx-shares-down-5-5-following-insider-selling.html.

About Mirati Therapeutics (NASDAQ:MRTX)

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.

Recommended Story: Insider Trading

Receive News & Ratings for Mirati Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mirati Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.