Mirati Therapeutics (NASDAQ:MRTX) Price Target Cut to $75.00 by Analysts at Barclays

Mirati Therapeutics (NASDAQ:MRTX – Get Rating) had its target price reduced by Barclays from $90.00 to $75.00 in a research report released on Thursday morning, The Fly reports.

A number of other brokerages also recently weighed in on MRTX. StockNews.com assumed coverage on shares of Mirati Therapeutics in a report on Thursday, May 18th. They issued a sell rating on the stock. 22nd Century Group reissued a reiterates rating on shares of Mirati Therapeutics in a report on Thursday, May 11th. Morgan Stanley dropped their price objective on shares of Mirati Therapeutics from $60.00 to $50.00 and set an equal weight rating on the stock in a report on Friday, January 27th. Stifel Nicolaus dropped their price objective on shares of Mirati Therapeutics from $78.00 to $77.00 in a report on Wednesday, May 10th. Finally, VNET Group reaffirmed a maintains rating on shares of Mirati Therapeutics in a report on Thursday, May 11th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $76.93.

Mirati Therapeutics Trading Down 12.4 %

NASDAQ MRTX opened at $38.40 on Thursday. The business’s fifty day moving average is $42.22 and its 200-day moving average is $49.69. Mirati Therapeutics has a one year low of $32.96 and a one year high of $101.30.

Mirati Therapeutics (NASDAQ:MRTX – Get Rating) last issued its quarterly earnings results on Tuesday, May 9th. The biotechnology company reported ($3.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.47) by $0.29. The company had revenue of $7.17 million for the quarter, compared to the consensus estimate of $4.80 million. Mirati Therapeutics had a negative net margin of 3,901.06% and a negative return on equity of 71.90%. The firm’s quarterly revenue was up 910.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($3.40) EPS. Equities analysts predict that Mirati Therapeutics will post -12.66 EPS for the current year.

Insider Buying and Selling

In related news, EVP Jamie Christensen sold 619 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $45.29, for a total value of $28,034.51. Following the transaction, the executive vice president now directly owns 124,123 shares in the company, valued at $5,621,530.67. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.47% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Mirati Therapeutics by 4.0% in the third quarter. Vanguard Group Inc. now owns 4,728,299 shares of the biotechnology company’s stock worth $330,225,000 after purchasing an additional 180,278 shares during the last quarter. Armistice Capital LLC increased its position in shares of Mirati Therapeutics by 5.8% in the first quarter. Armistice Capital LLC now owns 3,692,000 shares of the biotechnology company’s stock worth $137,269,000 after purchasing an additional 204,000 shares during the last quarter. BlackRock Inc. increased its position in shares of Mirati Therapeutics by 21.6% in the first quarter. BlackRock Inc. now owns 3,236,879 shares of the biotechnology company’s stock worth $120,347,000 after purchasing an additional 573,957 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Mirati Therapeutics by 1,803.1% during the second quarter. Goldman Sachs Group Inc. now owns 2,447,460 shares of the biotechnology company’s stock valued at $164,298,000 after acquiring an additional 2,318,853 shares during the last quarter. Finally, State Street Corp grew its position in Mirati Therapeutics by 31.8% during the second quarter. State Street Corp now owns 1,876,615 shares of the biotechnology company’s stock valued at $125,977,000 after acquiring an additional 453,050 shares during the last quarter.

Mirati Therapeutics Company Profile

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Mirati Therapeutics, Inc operates as a clinical-stage oncology company. engages in the development of novel therapeutics. The firm’s products target the genetic and immunological promoters of cancer. Its clinical pipeline consists of Adagrasib, MRTX1133, and Sitravatinib. The company was founded on December 13, 1995, and is headquartered in San Diego, CA.