Mirati Therapeutics (NASDAQ:MRTX) was upgraded by Guggenheim from a “neutral” rating to a “buy” rating in a research report issued on Monday, Marketbeat reports.
Several other brokerages have also recently issued reports on MRTX. Cann restated a “buy” rating and issued a $62.00 target price on shares of Mirati Therapeutics in a report on Thursday, August 2nd. Oppenheimer upped their target price on Mirati Therapeutics from $35.00 to $62.00 and gave the company an “outperform” rating in a report on Monday, July 9th. Citigroup increased their price target on Mirati Therapeutics from $37.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, July 5th. HC Wainwright increased their price target on Mirati Therapeutics to $63.00 and gave the stock a “buy” rating in a report on Friday, July 20th. Finally, BidaskClub cut Mirati Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Friday, September 28th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $52.00.
Shares of NASDAQ:MRTX opened at $36.99 on Monday. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -13.31 and a beta of 1.65. Mirati Therapeutics has a 52-week low of $12.55 and a 52-week high of $65.35.
In other news, CEO Charles M. Baum sold 51,810 shares of the 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 completion of the transaction, the chief executive officer now directly owns 102,742 shares in the company, valued at approximately $5,912,802.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.86% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in Mirati Therapeutics by 67.5% during the 2nd quarter. FMR LLC now owns 1,986,315 shares of the biotechnology company’s stock valued at $97,926,000 after acquiring an additional 800,223 shares during the period. Boxer Capital LLC boosted its holdings in Mirati Therapeutics by 14.1% during the 2nd quarter. Boxer Capital LLC now owns 1,565,560 shares of the biotechnology company’s stock valued at $77,182,000 after acquiring an additional 193,050 shares during the period. BlackRock Inc. boosted its holdings in Mirati Therapeutics by 128.8% during the 2nd quarter. BlackRock Inc. now owns 1,451,214 shares of the biotechnology company’s stock valued at $71,544,000 after acquiring an additional 816,980 shares during the period. Janus Henderson Group PLC purchased a new position in Mirati Therapeutics during the 2nd quarter valued at about $32,639,000. Finally, Jennison Associates LLC boosted its holdings in Mirati Therapeutics by 16.3% during the 2nd quarter. Jennison Associates LLC now owns 614,719 shares of the biotechnology company’s stock valued at $30,306,000 after acquiring an additional 86,323 shares during the period. Institutional investors and hedge funds own 97.67% of the company’s stock.
About Mirati Therapeutics
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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