Mirati Therapeutics (NASDAQ:MRTX) Coverage Initiated by Analysts at Piper Sandler

Piper Sandler started coverage on shares of Mirati Therapeutics (NASDAQ:MRTXGet Rating) in a research report released on Thursday morning, Marketbeat Ratings reports. The firm issued an overweight rating and a $110.00 target price on the biotechnology company’s stock.

Several other research firms also recently issued reports on MRTX. The Goldman Sachs Group decreased their price objective on shares of Mirati Therapeutics from $216.00 to $188.00 and set a buy rating on the stock in a report on Tuesday, June 7th. Guggenheim raised shares of Mirati Therapeutics from a neutral rating to a buy rating and set a $115.00 target price on the stock in a research note on Friday, May 20th. Citigroup decreased their target price on shares of Mirati Therapeutics from $208.00 to $127.00 and set a buy rating on the stock in a research note on Thursday, July 7th. Oppenheimer decreased their target price on shares of Mirati Therapeutics to $85.00 in a research note on Thursday, June 9th. Finally, Jonestrading started coverage on shares of Mirati Therapeutics in a research note on Tuesday. They issued a buy rating and a $100.00 target price on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $122.38.

Mirati Therapeutics Stock Performance

MRTX stock opened at $82.49 on Thursday. The firm has a market cap of $4.58 billion, a PE ratio of -6.96 and a beta of 0.91. Mirati Therapeutics has a one year low of $32.96 and a one year high of $195.99. The firm’s fifty day moving average is $75.00 and its 200 day moving average is $71.00.

Mirati Therapeutics (NASDAQ:MRTXGet Rating) last posted its quarterly earnings data on Wednesday, August 3rd. The biotechnology company reported ($3.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.53) by $0.35. The business had revenue of $5.36 million for the quarter, compared to the consensus estimate of $2.20 million. Mirati Therapeutics had a negative net margin of 824.57% and a negative return on equity of 53.24%. Research analysts predict that Mirati Therapeutics will post -14.14 earnings per share for the current fiscal year.

Insider Activity at Mirati Therapeutics

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

Institutional Trading of Mirati Therapeutics

Several institutional investors have recently added to or reduced their stakes in MRTX. Dimensional Fund Advisors LP increased its holdings in Mirati Therapeutics by 12.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 85,314 shares of the biotechnology company’s stock valued at $12,517,000 after purchasing an additional 9,139 shares during the last quarter. Teacher Retirement System of Texas grew its stake in shares of Mirati Therapeutics by 22.8% in the fourth quarter. Teacher Retirement System of Texas now owns 7,015 shares of the biotechnology company’s stock worth $1,029,000 after acquiring an additional 1,304 shares in the last quarter. Citigroup Inc. grew its stake in shares of Mirati Therapeutics by 87.2% in the fourth quarter. Citigroup Inc. now owns 34,850 shares of the biotechnology company’s stock worth $5,113,000 after acquiring an additional 16,238 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Mirati Therapeutics by 6.0% in 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 in the last quarter. Finally, Ensign Peak Advisors Inc grew its stake in shares of Mirati Therapeutics by 18.3% in the fourth quarter. Ensign Peak Advisors Inc now owns 91,890 shares of the biotechnology company’s stock worth $13,479,000 after acquiring an additional 14,183 shares in 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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Analyst Recommendations for Mirati Therapeutics (NASDAQ:MRTX)

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