Mirati Therapeutics’ (MRTX) “Buy” Rating Reaffirmed at Cowen

Cowen restated their buy rating on shares of Mirati Therapeutics (NASDAQ:MRTX) in a research report report published on Friday morning, TipRanks reports.

MRTX has been the topic of several other research reports. B. Riley dropped their target price on shares of Mirati Therapeutics from $92.00 to $83.00 and set a neutral rating on the stock in a research report on Wednesday, September 11th. ValuEngine lowered shares of Mirati Therapeutics from a buy rating to a hold rating in a research note on Wednesday, October 2nd. HC Wainwright restated a buy rating on shares of Mirati Therapeutics in a research note on Thursday. Jefferies Financial Group upgraded shares of Mirati Therapeutics from a hold rating to a buy rating and raised their price target for the stock from $89.00 to $105.00 in a research note on Monday, September 9th. Finally, Zacks Investment Research lowered shares of Mirati Therapeutics from a hold rating to a sell rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $101.63.

Shares of Mirati Therapeutics stock traded down $10.70 during mid-day trading on Friday, hitting $76.37. 1,483,536 shares of the stock were exchanged, compared to its average volume of 642,666. Mirati Therapeutics has a 12 month low of $28.50 and a 12 month high of $111.99. The company has a 50-day simple moving average of $82.53 and a 200 day simple moving average of $85.10. The company has a market capitalization of $3.42 billion, a P/E ratio of -23.94 and a beta of 2.00.

Mirati Therapeutics (NASDAQ:MRTX) last posted its earnings results on Monday, August 5th. The biotechnology company reported ($1.26) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.18) by ($0.08). The business had revenue of $0.58 million for the quarter. On average, research analysts predict that Mirati Therapeutics will post -5.08 EPS for the current fiscal year.

In related news, major shareholder Avoro Capital Advisors Llc sold 62,500 shares of Mirati Therapeutics stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $101.88, for a total value of $6,367,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bruce L. A. Carter sold 3,000 shares of Mirati Therapeutics stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $89.24, for a total transaction of $267,720.00. Following the completion of the transaction, the director now owns 3,000 shares of the company’s stock, valued at $267,720. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 120,352 shares of company stock valued at $11,382,964. 4.86% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Mirati Therapeutics by 19.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,422 shares of the biotechnology company’s stock valued at $146,000 after buying an additional 235 shares in the last quarter. Metropolitan Life Insurance Co NY grew its stake in Mirati Therapeutics by 6.5% in the 1st quarter. Metropolitan Life Insurance Co NY now owns 6,870 shares of the biotechnology company’s stock valued at $503,000 after buying an additional 419 shares in the last quarter. Aperio Group LLC purchased a new position in Mirati Therapeutics in the 2nd quarter valued at approximately $50,000. NumerixS Investment Technologies Inc purchased a new position in Mirati Therapeutics in the 2nd quarter valued at approximately $52,000. Finally, Quantamental Technologies LLC purchased a new position in Mirati Therapeutics in the 2nd quarter valued at approximately $59,000.

About Mirati Therapeutics

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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Analyst Recommendations for Mirati Therapeutics (NASDAQ:MRTX)

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