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.
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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.
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