Cann reiterated their buy rating on shares of Mirati Therapeutics (NASDAQ:MRTX) in a report published on Tuesday, The Fly reports. The brokerage currently has a $57.00 price target on the biotechnology company’s stock, down from their previous price target of $62.00.
“Loss per share was $0.85, compared to our estimated loss of $0.84. Operating expenses were 13% higher than our estimate, but were offset by higher interest income and higher number of shares outstanding, both due to the equity offering. Our revenue outlook for 2018-2023 is unchanged. We are increasing our estimate of operating expenses 6.3% in 2018 and expenses are unchanged for 2019-2023. We are increasing our estimated 2018 loss per share by 1.4% and, due to higher shares outstanding, we are decreasing our estimated loss per share in 2019-2022, by 8.1-8.5% per year. We are decreasing 2023 EPS by 2.2%.”,” the firm’s analyst wrote.
A number of other research analysts also recently weighed in on the company. Guggenheim started coverage on Mirati Therapeutics in a research note on Monday, September 17th. They issued a neutral rating on the stock. Cowen reissued a buy rating on shares of Mirati Therapeutics in a research note on Thursday, September 27th. Zacks Investment Research raised Mirati Therapeutics from a sell rating to a hold rating in a research note on Thursday, October 4th. Oppenheimer raised their price objective on Mirati Therapeutics from $35.00 to $62.00 and gave the stock an outperform rating in a research note on Monday, July 9th. Finally, HC Wainwright raised their price objective on Mirati Therapeutics to $63.00 and gave the stock a buy rating in a research note on Friday, July 20th. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $51.29.
Shares of MRTX stock traded down $2.37 during trading hours on Tuesday, reaching $39.56. The company had a trading volume of 459,042 shares, compared to its average volume of 1,050,278. The company has a market cap of $1.35 billion, a P/E ratio of -14.23 and a beta of 1.83. Mirati Therapeutics has a 1-year low of $12.85 and a 1-year high of $65.35.
Mirati Therapeutics (NASDAQ:MRTX) last posted its quarterly earnings results on Tuesday, November 6th. The biotechnology company reported ($0.85) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.87) by $0.02. Analysts predict that Mirati Therapeutics will post -3.17 EPS for the current year.
In related news, CEO Charles M. Baum sold 51,810 shares of the firm’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $57.55, for a total transaction of $2,981,665.50. Following the sale, the chief executive officer now owns 102,742 shares of the company’s stock, valued at approximately $5,912,802.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.86% of the company’s stock.
A number of institutional investors have recently modified their holdings of MRTX. Schwab Charles Investment Management Inc. acquired a new stake in Mirati Therapeutics during the 1st quarter worth $239,000. Northern Trust Corp raised its stake in shares of Mirati Therapeutics by 9.4% in the 1st quarter. Northern Trust Corp now owns 60,341 shares of the biotechnology company’s stock valued at $1,852,000 after purchasing an additional 5,197 shares during the period. BlackRock Inc. raised its stake in shares of Mirati Therapeutics by 24.3% in the 1st quarter. BlackRock Inc. now owns 634,234 shares of the biotechnology company’s stock valued at $19,472,000 after purchasing an additional 123,872 shares during the period. California Public Employees Retirement System acquired a new stake in shares of Mirati Therapeutics in the 1st quarter valued at about $275,000. Finally, UBS Group AG raised its stake in shares of Mirati Therapeutics by 139.8% in the 1st quarter. UBS Group AG now owns 60,443 shares of the biotechnology company’s stock valued at $1,855,000 after purchasing an additional 35,233 shares during the period. 97.66% of the stock is currently owned by institutional investors and hedge funds.
Mirati Therapeutics Company Profile
Mirati Therapeutics, Inc, a clinical-stage oncology company, develops targeted therapeutics to address the genetic, epigenetic, and immunological promoters of cancer. The company is involved in developing sitravatinib, an oral spectrum-selective kinase inhibitor, which is in Phase II clinical for the treatment of solid tumor; and in Phase Ib clinical trial to treat non-small cell lung cancer (NCSLC) patients with CBL, chromosome 4q12, and RET genetic alterations, as well as mocetinostat, an orally administered spectrum-selective Class 1 histone deacetylase inhibitor that is in Phase II clinical trial in combination with durvalumab for the treatment of patients with NSCLC.
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