Mirati Therapeutics, Inc. (NASDAQ:MRTX – Get Free Report) shares reached a new 52-week low during mid-day trading on Friday after Morgan Stanley lowered their price target on the stock from $51.00 to $42.00. The stock traded as low as $34.85 and last traded at $34.94, with a volume of 323423 shares trading hands. The stock had previously closed at $36.87.
Several other equities research analysts have also issued reports on MRTX. Stifel Nicolaus reduced their target price on shares of Mirati Therapeutics from $78.00 to $77.00 in a report on Wednesday, May 10th. VNET Group restated a “maintains” rating on shares of Mirati Therapeutics in a research note on Thursday, May 11th. Oppenheimer upgraded shares of Mirati Therapeutics from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 25th. StockNews.com began coverage on shares of Mirati Therapeutics in a research note on Thursday, May 18th. They set a “sell” rating on the stock. Finally, 22nd Century Group restated a “reiterates” rating on shares of Mirati Therapeutics in a research note on Thursday, May 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $67.77.
Insider Activity
In other news, EVP Jamie Christensen sold 619 shares of the business’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $45.29, for a total transaction of $28,034.51. Following the completion of the sale, the executive vice president now directly owns 124,123 shares of the company’s stock, valued at $5,621,530.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Laurie Stelzer sold 4,647 shares of the business’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $37.06, for a total value of $172,217.82. Following the completion of the transaction, the chief financial officer now directly owns 80,015 shares of the company’s stock, valued at approximately $2,965,355.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jamie Christensen sold 619 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $45.29, for a total value of $28,034.51. Following the sale, the executive vice president now directly owns 124,123 shares in the company, valued at approximately $5,621,530.67. The disclosure for this sale can be found here. Insiders own 3.47% of the company’s stock.
Hedge Funds Weigh In On Mirati Therapeutics
A number of large investors have recently made changes to their positions in the business. Quent Capital LLC boosted its stake 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 in the last quarter. Advisor Group Holdings Inc. grew its stake in shares of Mirati Therapeutics by 211.1% during 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. Parallel Advisors LLC grew its stake in shares of Mirati Therapeutics by 48.6% during the 4th quarter. Parallel Advisors LLC now owns 1,670 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 546 shares during the period. Captrust Financial Advisors grew 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 purchasing an additional 917 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in shares of Mirati Therapeutics during the 4th quarter worth approximately $85,000.
Mirati Therapeutics Stock Performance
The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -2.84 and a beta of 0.99. The business’s 50 day moving average price is $40.44 and its 200 day moving average price is $42.74.
Mirati Therapeutics (NASDAQ:MRTX – Get Free Report) last issued its quarterly earnings data on Tuesday, May 9th. The biotechnology company reported ($3.18) EPS for the quarter, topping analysts’ consensus estimates of ($3.47) by $0.29. The business had revenue of $7.17 million for the quarter, compared to analysts’ expectations 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 business’s revenue was up 910.9% on a year-over-year basis. During the same quarter last year, the company earned ($3.40) EPS. Sell-side analysts anticipate that Mirati Therapeutics, Inc. will post -12.32 earnings per share for the current fiscal year.
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.