Mirati Therapeutics Inc (NASDAQ:MRTX) was the target of a large drop in short interest in the month of November. As of November 29th, there was short interest totalling 4,870,000 shares, a drop of 9.0% from the November 14th total of 5,350,000 shares. Based on an average daily trading volume, of 697,400 shares, the days-to-cover ratio is currently 7.0 days. Currently, 12.7% of the company’s shares are sold short.
NASDAQ MRTX traded up $6.13 during trading hours on Friday, hitting $112.25. The company had a trading volume of 317,995 shares, compared to its average volume of 551,593. Mirati Therapeutics has a fifty-two week low of $34.39 and a fifty-two week high of $112.34. The company has a market capitalization of $4.17 billion, a price-to-earnings ratio of -35.19 and a beta of 2.08. The firm’s 50 day moving average is $97.30 and its 200 day moving average is $92.67.
Mirati Therapeutics (NASDAQ:MRTX) last announced its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.13). Mirati Therapeutics had a negative net margin of 2,698.66% and a negative return on equity of 48.60%. The company had revenue of $0.99 million during the quarter, compared to analyst estimates of $0.50 million. As a group, equities analysts predict that Mirati Therapeutics will post -5.36 EPS for the current fiscal year.
In related news, Director Michael G. Grey sold 3,042 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $102.44, for a total value of $311,622.48. Following the transaction, the director now directly owns 5,298 shares of the company’s stock, valued at approximately $542,727.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce L. A. Carter sold 3,000 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $94.74, for a total value of $284,220.00. Following the completion of the transaction, the director now directly owns 3,000 shares in the company, valued at $284,220. The disclosure for this sale can be found here. Company insiders own 4.86% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in MRTX. Aperio Group LLC acquired a new stake in shares of Mirati Therapeutics during the second quarter valued at about $50,000. NumerixS Investment Technologies Inc acquired a new stake in shares of Mirati Therapeutics during the second quarter valued at about $52,000. Quantamental Technologies LLC acquired a new stake in shares of Mirati Therapeutics during the second quarter valued at about $59,000. First Mercantile Trust Co. acquired a new stake in shares of Mirati Therapeutics during the second quarter valued at about $89,000. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of Mirati Therapeutics during the third quarter valued at about $112,000.
Several research analysts recently weighed in on the company. B. Riley cut their target price on Mirati Therapeutics from $92.00 to $83.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 11th. Cowen reaffirmed a “buy” rating on shares of Mirati Therapeutics in a research report on Friday, October 18th. Citigroup set a $130.00 target price on Mirati Therapeutics and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Jefferies Financial Group raised Mirati Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the stock from $89.00 to $105.00 in a research report on Monday, September 9th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Mirati Therapeutics in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Mirati Therapeutics currently has an average rating of “Buy” and an average target price of $105.67.
About Mirati Therapeutics
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 is involved in developing sitravatinib, a spectrum-selective kinase inhibitor, which is in Phase II clinical for the treatment of non-small cell lung cancer (NCSLC); and in Phase Ib clinical trial to treat NCSLC patients with Casitas B-lineage Lymphoma genetic alterations, as well as KRAS G12C inhibitor program for NSCLC adenocarcinoma patients, colorectal cancer patients, and other cancers.
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