Investment analysts at BMO Capital Markets initiated coverage on shares of Mirati Therapeutics (NASDAQ:MRTX) in a research report issued on Monday, MarketBeat reports. The brokerage set a “market perform” rating and a $101.00 price target on the biotechnology company’s stock. BMO Capital Markets’ price target indicates a potential upside of 11.71% from the stock’s current price.
Several other equities research analysts have also recently weighed in on the stock. Zacks Investment Research raised shares of Mirati Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday, January 2nd. HC Wainwright reissued a “buy” rating and set a $134.00 price target (up previously from $117.00) on shares of Mirati Therapeutics in a research report on Friday, January 24th. Cantor Fitzgerald increased their price target on shares of Mirati Therapeutics from $81.00 to $85.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. BidaskClub cut shares of Mirati Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 14th. Finally, Cowen reissued a “buy” rating on shares of Mirati Therapeutics in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the stock. Mirati Therapeutics has an average rating of “Buy” and an average price target of $106.44.
Shares of MRTX opened at $90.41 on Monday. The stock has a market capitalization of $3.59 billion, a P/E ratio of -19.32 and a beta of 2.17. The firm has a fifty day simple moving average of $108.70 and a two-hundred day simple moving average of $95.55. Mirati Therapeutics has a twelve month low of $55.11 and a twelve month high of $132.59.
Mirati Therapeutics (NASDAQ:MRTX) last announced its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.38) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.25) by ($0.13). The firm had revenue of $0.99 million for the quarter, compared to analysts’ expectations of $0.50 million. Mirati Therapeutics had a negative net margin of 2,698.66% and a negative return on equity of 48.60%. On average, analysts predict that Mirati Therapeutics will post -5.36 earnings per share for the current fiscal year.
In other news, Director Michael G. Grey sold 3,042 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $102.44, for a total value of $311,622.48. Following the completion of the sale, the director now directly owns 5,298 shares of the company’s stock, valued at approximately $542,727.12. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Boxer Capital, Llc bought 50,000 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was bought at an average cost of $97.50 per share, with a total value of $4,875,000.00. The disclosure for this purchase can be found here. Company insiders own 4.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of MRTX. Vanguard Group Inc. lifted its position in Mirati Therapeutics by 36.8% during the 2nd quarter. Vanguard Group Inc. now owns 2,984,506 shares of the biotechnology company’s stock valued at $307,404,000 after acquiring an additional 802,468 shares during the period. Orbimed Advisors LLC purchased a new position in Mirati Therapeutics during the 3rd quarter valued at about $41,693,000. Price T Rowe Associates Inc. MD lifted its position in Mirati Therapeutics by 47.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,206,144 shares of the biotechnology company’s stock valued at $124,233,000 after acquiring an additional 388,516 shares during the period. BlackRock Inc. lifted its position in Mirati Therapeutics by 8.6% during the 2nd quarter. BlackRock Inc. now owns 2,536,034 shares of the biotechnology company’s stock valued at $261,211,000 after acquiring an additional 199,939 shares during the period. Finally, State Street Corp lifted its position in Mirati Therapeutics by 15.9% during the 3rd quarter. State Street Corp now owns 1,323,270 shares of the biotechnology company’s stock valued at $103,096,000 after acquiring an additional 181,147 shares during the period.
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.
Read More: Why does a company issue an IPO?
Receive News & Ratings for Mirati Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mirati Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.