Zacks: Analysts Anticipate Mirati Therapeutics, Inc. (NASDAQ:MRTX) Will Announce Earnings of -$3.37 Per Share

Wall Street analysts predict that Mirati Therapeutics, Inc. (NASDAQ:MRTXGet Rating) will announce earnings per share of ($3.37) for the current quarter, Zacks reports. Zero analysts have provided estimates for Mirati Therapeutics’ earnings, with the highest EPS estimate coming in at ($2.67) and the lowest estimate coming in at ($3.86). Mirati Therapeutics posted earnings of ($2.67) per share during the same quarter last year, which would indicate a negative year over year growth rate of 26.2%. The company is expected to announce its next earnings results after the market closes on Monday, January 1st.

On average, analysts expect that Mirati Therapeutics will report full year earnings of ($14.53) per share for the current fiscal year, with EPS estimates ranging from ($15.85) to ($13.39). For the next financial year, analysts forecast that the firm will report earnings of ($11.91) per share, with EPS estimates ranging from ($16.53) to ($5.88). Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Mirati Therapeutics.

Mirati Therapeutics (NASDAQ:MRTXGet Rating) last released its earnings results on Monday, February 28th. The biotechnology company reported ($3.72) EPS for the quarter, missing the consensus estimate of ($3.01) by ($0.71). The company had revenue of $0.30 million during the quarter, compared to analyst estimates of $1.41 million. During the same period in the prior year, the company earned ($2.08) earnings per share. Mirati Therapeutics’s revenue for the quarter was down 82.5% compared to the same quarter last year.

A number of equities research analysts have commented on MRTX shares. Stifel Nicolaus reduced their price objective on Mirati Therapeutics from $150.00 to $118.00 and set a “buy” rating for the company in a research note on Tuesday, March 1st. BMO Capital Markets reduced their price objective on Mirati Therapeutics from $187.00 to $130.00 in a research note on Tuesday, March 1st. Morgan Stanley reduced their price objective on Mirati Therapeutics from $150.00 to $140.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 1st. SVB Leerink reissued an “outperform” rating on shares of Mirati Therapeutics in a research note on Tuesday, February 8th. Finally, Citigroup reduced their price objective on Mirati Therapeutics from $244.00 to $227.00 and set a “buy” rating for the company in a research note on Wednesday, March 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $175.00.

NASDAQ MRTX traded down $1.75 during trading hours on Friday, hitting $69.68. 403,892 shares of the company’s stock were exchanged, compared to its average volume of 688,149. The stock has a 50-day simple moving average of $85.02 and a 200 day simple moving average of $123.33. Mirati Therapeutics has a 1-year low of $69.44 and a 1-year high of $195.99. The firm has a market cap of $3.87 billion, a price-to-earnings ratio of -6.24 and a beta of 1.48.

Hedge funds have recently bought and sold shares of the company. Capital Fund Management S.A. lifted its holdings in shares of Mirati Therapeutics by 13.0% in the third quarter. Capital Fund Management S.A. now owns 16,130 shares of the biotechnology company’s stock valued at $2,854,000 after purchasing an additional 1,852 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of Mirati Therapeutics by 51.6% in the third quarter. Jennison Associates LLC now owns 262,321 shares of the biotechnology company’s stock valued at $46,407,000 after purchasing an additional 89,329 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Mirati Therapeutics by 3.1% in the third quarter. Franklin Resources Inc. now owns 1,281,758 shares of the biotechnology company’s stock valued at $226,756,000 after purchasing an additional 38,489 shares in the last quarter. Banque Pictet & Cie SA bought a new position in shares of Mirati Therapeutics in the fourth quarter valued at approximately $1,886,000. Finally, Perceptive Advisors LLC lifted its holdings in Mirati Therapeutics by 6.3% during the third quarter. Perceptive Advisors LLC now owns 3,387,745 shares of the biotechnology company’s stock worth $599,326,000 after acquiring an additional 201,847 shares during the period.

Mirati Therapeutics Company Profile (Get Rating)

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 develops MRTX849, a KRAS G12C inhibitor, which is in Phase 1/2 clinical trial for treating non-small cell lung (NSCL), colorectal, pancreatic, and other cancers; and Sitravatinib, an investigational spectrum-selective kinase inhibitor that is in Phase 3 clinical trial for the treatment of NSCL cancer, as well as a KRAS G12D inhibitor program, which is in preclinical development.

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Earnings History and Estimates for Mirati Therapeutics (NASDAQ:MRTX)

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