Shares of Mirati Therapeutics, Inc. (NASDAQ:MRTX – Get Rating) gapped down prior to trading on Wednesday after SVB Leerink lowered their price target on the stock from $85.00 to $75.00. The stock had previously closed at $41.97, but opened at $40.34. SVB Leerink currently has an outperform rating on the stock. Mirati Therapeutics shares last traded at $40.98, with a volume of 2,654 shares traded.
A number of other equities analysts also recently commented on the stock. Oppenheimer reduced their price objective on shares of Mirati Therapeutics from $85.00 to $60.00 and set a “market perform” rating for the company in a research note on Thursday, December 8th. Barclays cut their target price on Mirati Therapeutics from $169.00 to $90.00 in a research report on Wednesday. BMO Capital Markets lowered shares of Mirati Therapeutics from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $110.00 to $59.00 in a report on Thursday, December 8th. Citigroup lowered shares of Mirati Therapeutics from a “buy” rating to a “neutral” rating and lowered their price target for the company from $121.00 to $53.00 in a report on Friday, December 9th. Finally, Stifel Nicolaus lowered their target price on shares of Mirati Therapeutics to $73.00 in a research note on Friday, December 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $88.53.
Insider Transactions at Mirati Therapeutics
In other news, insider Charles M. Baum sold 69,256 shares of the firm’s stock in a transaction that occurred on Monday, November 28th. The shares were sold at an average price of $100.00, for a total transaction of $6,925,600.00. Following the completion of the sale, the insider now owns 127,899 shares in the company, valued at approximately $12,789,900. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Charles M. Baum sold 69,256 shares of the firm’s stock in a transaction that occurred on Monday, November 28th. The shares were sold at an average price of $100.00, for a total transaction of $6,925,600.00. Following the completion of the sale, the insider now owns 127,899 shares in the company, valued at approximately $12,789,900. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jamie Christensen sold 1,726 shares of the stock in a transaction that occurred on Friday, December 2nd. The stock was sold at an average price of $90.19, for a total transaction of $155,667.94. Following the transaction, the executive vice president now directly owns 104,482 shares of the company’s stock, valued at approximately $9,423,231.58. 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
Hedge funds have recently made changes to their positions in the stock. First Horizon Advisors Inc. purchased a new position in shares of Mirati Therapeutics during the 2nd quarter worth approximately $25,000. China Universal Asset Management Co. Ltd. purchased a new position in shares of Mirati Therapeutics during the 3rd quarter worth approximately $36,000. Wipfli Financial Advisors LLC purchased a new position in shares of Mirati Therapeutics during the 3rd quarter worth approximately $42,000. Quadrant Capital Group LLC boosted its position in Mirati Therapeutics by 161.6% in the 2nd quarter. Quadrant Capital Group LLC now owns 701 shares of the biotechnology company’s stock valued at $47,000 after buying an additional 433 shares during the period. Finally, Amundi purchased a new position in Mirati Therapeutics in the 2nd quarter valued at approximately $51,000.
Mirati Therapeutics Stock Performance
The company has a market cap of $2.38 billion, a PE ratio of -3.13 and a beta of 0.88. The company’s 50-day simple moving average is $70.49 and its 200 day simple moving average is $69.60.
Mirati Therapeutics Company Profile
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 develops MRTX849, a KRAS G12C inhibitor, which is in Phase 1/2 clinical trial for treating non-small cell lung (NSCL), colorectal, pancreatic, and other cancers; and Sitravatinib, an investigational spectrum-selective kinase inhibitor that is in Phase 3 clinical trial for the treatment of NSCL cancer, as well as a KRAS G12D inhibitor program, which is in preclinical development.