Jefferies Financial Group upgraded shares of Mirati Therapeutics (NASDAQ:MRTX) from a hold rating to a buy rating in a research report released on Monday morning, BenzingaRatingsTable reports. They currently have $105.00 price objective on the biotechnology company’s stock, up from their prior price objective of $89.00. Jefferies Financial Group also issued estimates for Mirati Therapeutics’ FY2021 earnings at ($5.22) EPS, FY2022 earnings at ($2.93) EPS and FY2023 earnings at $2.76 EPS.
Several other analysts have also recently weighed in on MRTX. Barclays lifted their price objective on Mirati Therapeutics from $85.00 to $123.00 and gave the company an overweight rating in a research report on Wednesday, June 5th. HC Wainwright reaffirmed a buy rating and set a $117.00 price objective on shares of Mirati Therapeutics in a research report on Tuesday, August 6th. Cowen reaffirmed a buy rating on shares of Mirati Therapeutics in a research report on Tuesday, August 6th. B. Riley cut Mirati Therapeutics from a buy rating to a neutral rating and boosted their price target for the stock from $60.00 to $92.00 in a research report on Wednesday, June 19th. Finally, JPMorgan Chase & Co. cut Mirati Therapeutics from a neutral rating to an underweight rating and dropped their price target for the stock from $101.00 to $85.00 in a research report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of Buy and an average price target of $98.60.
Mirati Therapeutics stock opened at $85.51 on Monday. The stock’s 50 day simple moving average is $90.90 and its two-hundred day simple moving average is $83.56. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of -26.81 and a beta of 2.07. Mirati Therapeutics has a fifty-two week low of $28.50 and a fifty-two week high of $111.99.
Mirati Therapeutics (NASDAQ:MRTX) last posted its quarterly earnings data on Monday, August 5th. The biotechnology company reported ($1.26) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.18) by ($0.08). The business had revenue of $0.58 million during the quarter. As a group, equities analysts forecast that Mirati Therapeutics will post -5.08 EPS for the current year.
In related news, major shareholder Avoro Capital Advisors Llc sold 62,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $101.88, for a total value of $6,367,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Charles M. Baum sold 51,810 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $86.22, for a total value of $4,467,058.20. Following the completion of the transaction, the chief executive officer now directly owns 117,851 shares in the company, valued at $10,161,113.22. The disclosure for this sale can be found here. Over the last three months, insiders sold 845,360 shares of company stock worth $82,651,250. Insiders own 4.70% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Mirati Therapeutics by 19.8% during 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 during the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of Mirati Therapeutics by 2.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 10,192 shares of the biotechnology company’s stock worth $747,000 after purchasing an additional 290 shares in the last quarter. American International Group Inc. increased its stake in shares of Mirati Therapeutics by 2.9% in the 1st quarter. American International Group Inc. now owns 13,664 shares of the biotechnology company’s stock worth $1,002,000 after purchasing an additional 383 shares in the last quarter. Metropolitan Life Insurance Co NY increased its stake in shares of 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 worth $503,000 after purchasing an additional 419 shares in the last quarter. Finally, Aperio Group LLC purchased a new stake in shares of Mirati Therapeutics in the 2nd quarter worth $50,000.
Mirati Therapeutics Company Profile
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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