Mirati Therapeutics, Inc. (NASDAQ:MRTX) – Investment analysts at SunTrust Banks lowered their FY2019 earnings estimates for Mirati Therapeutics in a research note issued on Tuesday. SunTrust Banks analyst P. Lawson now forecasts that the biotechnology company will post earnings per share of ($2.80) for the year, down from their prior estimate of ($2.54). SunTrust Banks has a “Buy” rating and a $13.00 price objective on the stock. SunTrust Banks also issued estimates for Mirati Therapeutics’ FY2020 earnings at ($1.67) EPS and FY2021 earnings at ($0.97) EPS.
Mirati Therapeutics (NASDAQ:MRTX) last posted its earnings results on Wednesday, November 1st. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.81) by $0.16.
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MRTX has been the subject of a number of other research reports. HC Wainwright reiterated a “buy” rating and set a $17.00 price target (down previously from $20.00) on shares of Mirati Therapeutics in a research report on Tuesday. Jefferies Group LLC set a $5.00 target price on Mirati Therapeutics and gave the stock a “hold” rating in a research report on Friday, August 4th. ValuEngine upgraded Mirati Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday. Zacks Investment Research upgraded Mirati Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday, November 7th. Finally, Cann started coverage on Mirati Therapeutics in a research report on Tuesday, September 19th. They issued an “outperform” rating for the company. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Mirati Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $13.71.
Shares of Mirati Therapeutics (MRTX) traded down $1.75 on Friday, hitting $17.25. The stock had a trading volume of 911,325 shares, compared to its average volume of 553,318. Mirati Therapeutics has a 12-month low of $2.70 and a 12-month high of $19.25.
In related news, major shareholder Venbio Select Advisor Llc acquired 650,000 shares of the stock in a transaction on Thursday, November 16th. The stock was purchased at an average price of $13.00 per share, for a total transaction of $8,450,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jamie Christensen sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 4th. The shares were sold at an average price of $14.00, for a total value of $56,000.00. The disclosure for this sale can be found here. Insiders sold 22,544 shares of company stock valued at $355,176 in the last quarter. Corporate insiders own 5.10% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Broadfin Capital LLC lifted its position in Mirati Therapeutics by 19.1% in the second quarter. Broadfin Capital LLC now owns 2,490,801 shares of the biotechnology company’s stock valued at $9,091,000 after purchasing an additional 400,000 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Mirati Therapeutics by 68.7% in the third quarter. Dimensional Fund Advisors LP now owns 336,667 shares of the biotechnology company’s stock valued at $3,939,000 after purchasing an additional 137,104 shares during the last quarter. Sabby Management LLC lifted its position in Mirati Therapeutics by 2.1% in the second quarter. Sabby Management LLC now owns 255,100 shares of the biotechnology company’s stock valued at $921,000 after purchasing an additional 5,365 shares during the last quarter. Royce & Associates LP lifted its position in Mirati Therapeutics by 88.7% in the second quarter. Royce & Associates LP now owns 251,100 shares of the biotechnology company’s stock valued at $917,000 after purchasing an additional 118,063 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Mirati Therapeutics in the first quarter valued at approximately $854,000. Hedge funds and other institutional investors own 59.49% of the company’s stock.
About Mirati Therapeutics
Mirati Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of oncology products. The companys clinical stage product candidates include glesatinib, an orally-bioavailable, potent, small molecule kinase inhibitor that is in Phase II clinical trials for the treatment of non-small cell lung cancer (NSCLC) patients with genetic alterations of MET; and in Phase Ib clinical trials in patients with genetic alterations of MET and Axl in NSCLC and other solid tumors.
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