Mirati Therapeutics (NASDAQ:MRTX) Shares Gap Down to $34.05

Mirati Therapeutics, Inc. (NASDAQ:MRTX)’s share price gapped down before the market opened on Friday . The stock had previously closed at $34.05, but opened at $33.10. Mirati Therapeutics shares last traded at $33.04, with a volume of 13,677 shares.

Wall Street Analysts Forecast Growth

MRTX has been the subject of a number of analyst reports. Citigroup upgraded shares of Mirati Therapeutics from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $51.00 to $48.00 in a report on Thursday, August 10th. Piper Sandler initiated coverage on shares of Mirati Therapeutics in a report on Wednesday, August 9th. They set an “overweight” rating and a $45.00 target price for the company. B. Riley upgraded shares of Mirati Therapeutics from a “neutral” rating to a “buy” rating and set a $45.00 target price for the company in a report on Wednesday, August 9th. Scotiabank initiated coverage on shares of Mirati Therapeutics in a report on Thursday, July 27th. They set an “underperform” rating for the company. Finally, Bank of America dropped their target price on shares of Mirati Therapeutics from $54.00 to $46.00 in a report on Monday, July 24th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $55.67.

Mirati Therapeutics Stock Up 0.0 %

The company’s fifty day moving average price is $34.89 and its 200-day moving average price is $38.74. The stock has a market capitalization of $1.94 billion, a PE ratio of -2.58 and a beta of 0.91.

Mirati Therapeutics (NASDAQ:MRTX) last released its earnings results on Tuesday, August 8th. The biotechnology company reported ($3.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.23) by $0.19. The firm had revenue of $13.70 million during the quarter, compared to analyst estimates of $13.17 million. Mirati Therapeutics had a negative net margin of 2,709.33% and a negative return on equity of 79.37%. The business’s revenue was up 153.7% on a year-over-year basis. During the same period last year, the business earned ($3.18) earnings per share. Equities research analysts anticipate that Mirati Therapeutics, Inc. will post -11.85 earnings per share for the current year.

Insider Activity at Mirati Therapeutics

In other news, insider Boxer Capital, Llc purchased 1,201,440 shares of Mirati Therapeutics stock in a transaction that occurred on Friday, August 11th. The stock was bought at an average price of $27.80 per share, with a total value of $33,400,032.00. Following the completion of the transaction, the insider now directly owns 3,201,440 shares of the company’s stock, valued at $89,000,032. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Boxer Capital, Llc purchased 1,201,440 shares of Mirati Therapeutics stock in a transaction that occurred on Friday, August 11th. The stock was bought at an average price of $27.80 per share, with a total value of $33,400,032.00. Following the completion of the transaction, the insider now directly owns 3,201,440 shares of the company’s stock, valued at $89,000,032. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jamie Christensen sold 2,388 shares of the firm’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $35.63, for a total transaction of $85,084.44. Following the sale, the executive vice president now directly owns 144,032 shares of the company’s stock, valued at approximately $5,131,860.16. The disclosure for this sale can be found here. 3.47% of the stock is owned by insiders.

Institutional Investors Weigh In On Mirati Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Quent Capital LLC grew its position in Mirati Therapeutics by 4,723.8% in the 2nd quarter. Quent Capital LLC now owns 1,013 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 992 shares during the period. Headlands Technologies LLC bought a new stake in Mirati Therapeutics in the 2nd quarter worth approximately $51,000. Advisor Group Holdings Inc. grew its position in Mirati Therapeutics by 211.1% in the 1st quarter. Advisor Group Holdings Inc. now owns 644 shares of the biotechnology company’s stock worth $52,000 after purchasing an additional 437 shares during the period. Captrust Financial Advisors boosted its stake in shares of Mirati Therapeutics by 1,528.3% during the 1st quarter. Captrust Financial Advisors now owns 977 shares of the biotechnology company’s stock worth $80,000 after acquiring an additional 917 shares during the last quarter. Finally, Pinebridge Investments L.P. purchased a new position in shares of Mirati Therapeutics during the 2nd quarter worth $84,000.

About Mirati Therapeutics

Mirati Therapeutics, Inc, a commercial-stage oncology company, develops novel therapeutics to address the genetic and immunological promoters of cancer in the United States. The company provides KRAZATI, an oral targeted treatment option for adult patients with KRAS G12C-mutated locally advanced or metastatic non-small cell lung (NSCLC), as well as in clinical development as a monotherapy and in combination with other agents.