Mirati Therapeutics (NASDAQ:MRTX) Releases Earnings Results

Mirati Therapeutics (NASDAQ:MRTX – Get Rating) issued its quarterly earnings data on Wednesday. The biotechnology company reported ($3.40) EPS for the quarter, missing analysts’ consensus estimates of ($3.37) by ($0.03), MarketWatch Earnings reports. The business had revenue of $0.71 million during the quarter, compared to the consensus estimate of $0.18 million. Mirati Therapeutics’s quarterly revenue was up 6990.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($2.67) EPS.

NASDAQ MRTX traded down $5.64 on Friday, hitting $56.74. 1,097,107 shares of the stock traded hands, compared to its average volume of 636,214. The stock has a 50-day moving average of $78.87 and a 200 day moving average of $115.22. Mirati Therapeutics has a twelve month low of $56.00 and a twelve month high of $195.99.

A number of research analysts have commented on MRTX shares. Citigroup reduced their price objective on Mirati Therapeutics from $227.00 to $208.00 in a research note on Thursday. StockNews.com upgraded Mirati Therapeutics to a “sell” rating in a research note on Monday, May 2nd. BMO Capital Markets reduced their price objective on Mirati Therapeutics from $187.00 to $130.00 in a research note on Tuesday, March 1st. Oppenheimer cut their price target on Mirati Therapeutics from $175.00 to $155.00 in a research note on Friday, February 18th. Finally, Stifel Nicolaus cut their price target on Mirati Therapeutics from $150.00 to $118.00 and set a “buy” rating on the stock in a research note on Tuesday, March 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $173.27.

A number of hedge funds and other institutional investors have recently made changes to their positions in MRTX. BlackRock Inc. raised its stake in Mirati Therapeutics by 3.7% during the fourth quarter. BlackRock Inc. now owns 2,756,675 shares of the biotechnology company’s stock valued at $404,379,000 after buying an additional 98,465 shares in the last quarter. Millennium Management LLC raised its stake in Mirati Therapeutics by 543.8% during the fourth quarter. Millennium Management LLC now owns 77,928 shares of the biotechnology company’s stock valued at $11,431,000 after buying an additional 95,487 shares in the last quarter. Comerica Bank acquired a new stake in Mirati Therapeutics during the fourth quarter valued at approximately $5,457,000. Goldman Sachs Group Inc. grew its holdings in shares of Mirati Therapeutics by 18.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 233,099 shares of the biotechnology company’s stock valued at $34,193,000 after purchasing an additional 36,903 shares during the last quarter. Finally, Morgan Stanley grew its holdings in shares of Mirati Therapeutics by 42.9% during the second quarter. Morgan Stanley now owns 76,627 shares of the biotechnology company’s stock valued at $12,376,000 after purchasing an additional 23,009 shares during the last quarter.

About Mirati Therapeutics (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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