Mirati Therapeutics (NASDAQ:MRTX) Receives New Coverage from Analysts at Jonestrading

Jonestrading began coverage on shares of Mirati Therapeutics (NASDAQ:MRTXGet Rating) in a research note published on Tuesday morning. The brokerage issued a buy rating and a $100.00 target price on the biotechnology company’s stock.

MRTX has been the subject of a number of other reports. BMO Capital Markets restated a buy rating and set a $80.00 target price on shares of Mirati Therapeutics in a report on Tuesday, June 7th. Oppenheimer cut their target price on shares of Mirati Therapeutics to $85.00 in a research note on Thursday, June 9th. SVB Leerink decreased their price target on shares of Mirati Therapeutics from $164.00 to $111.00 and set an outperform rating for the company in a research report on Friday, May 27th. The Goldman Sachs Group cut their price objective on Mirati Therapeutics from $216.00 to $188.00 and set a buy rating on the stock in a research report on Tuesday, June 7th. Finally, Citigroup decreased their target price on Mirati Therapeutics from $208.00 to $127.00 and set a buy rating for the company in a report on Thursday, July 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $123.42.

Mirati Therapeutics Price Performance

Shares of MRTX opened at $82.98 on Tuesday. The firm has a 50-day simple moving average of $74.43 and a two-hundred day simple moving average of $70.97. The stock has a market cap of $4.61 billion, a PE ratio of -7.00 and a beta of 0.91. Mirati Therapeutics has a 1-year low of $32.96 and a 1-year high of $195.99.

Mirati Therapeutics (NASDAQ:MRTXGet Rating) last announced its earnings results on Wednesday, August 3rd. The biotechnology company reported ($3.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.53) by $0.35. Mirati Therapeutics had a negative return on equity of 53.24% and a negative net margin of 824.57%. The company had revenue of $5.36 million for the quarter, compared to analyst estimates of $2.20 million. As a group, sell-side analysts expect that Mirati Therapeutics will post -14.14 earnings per share for the current fiscal year.

Insider Activity at Mirati Therapeutics

In other Mirati Therapeutics news, Director Bruce L. A. Carter sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $85.49, for a total transaction of $854,900.00. Following the sale, the director now owns 6,021 shares of the company’s stock, valued at $514,735.29. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.47% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mirati Therapeutics

Several large investors have recently bought and sold shares of MRTX. Eagle Asset Management Inc. lifted its holdings in shares of Mirati Therapeutics by 1.4% in the 1st quarter. Eagle Asset Management Inc. now owns 262,402 shares of the biotechnology company’s stock valued at $21,574,000 after purchasing an additional 3,594 shares during the last quarter. WINTON GROUP Ltd lifted its stake in Mirati Therapeutics by 316.5% in the first quarter. WINTON GROUP Ltd now owns 6,477 shares of the biotechnology company’s stock valued at $533,000 after buying an additional 4,922 shares during the last quarter. Cinctive Capital Management LP boosted its holdings in shares of Mirati Therapeutics by 121.0% in the fourth quarter. Cinctive Capital Management LP now owns 24,531 shares of the biotechnology company’s stock valued at $3,598,000 after acquiring an additional 13,431 shares during the period. Rhumbline Advisers grew its position in shares of Mirati Therapeutics by 6.0% during the fourth quarter. Rhumbline Advisers now owns 38,455 shares of the biotechnology company’s stock worth $5,641,000 after acquiring an additional 2,178 shares during the last quarter. Finally, Clough Capital Partners L P grew its position in shares of Mirati Therapeutics by 103.5% during the fourth quarter. Clough Capital Partners L P now owns 100,455 shares of the biotechnology company’s stock worth $14,736,000 after acquiring an additional 51,100 shares during the last quarter.

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.

Further Reading

Analyst Recommendations for Mirati Therapeutics (NASDAQ:MRTX)

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