Mirati Therapeutics (NASDAQ:MRTX) Trading Up 7.3%

Mirati Therapeutics Inc (NASDAQ:MRTX) was up 7.3% during mid-day trading on Wednesday . The stock traded as high as $87.78 and last traded at $85.51, approximately 729,367 shares were traded during trading. An increase of 10% from the average daily volume of 664,360 shares. The stock had previously closed at $79.71.

Several equities analysts recently issued reports on MRTX shares. Deutsche Bank started coverage on shares of Mirati Therapeutics in a research report on Thursday, July 18th. They set a “hold” rating and a $86.00 price target on the stock. Jefferies Financial Group upgraded shares of Mirati Therapeutics from a “hold” rating to a “buy” rating and boosted their price target for the company from $89.00 to $105.00 in a research report on Monday. Cowen reiterated a “buy” rating on shares of Mirati Therapeutics in a research report on Tuesday, August 6th. Leerink Swann set a $118.00 price target on shares of Mirati Therapeutics and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Cantor Fitzgerald reduced their price target on shares of Mirati Therapeutics from $85.00 to $81.00 and set a “neutral” rating on the stock in a research report on Monday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $98.60.

The firm’s 50 day moving average is $90.63 and its 200 day moving average is $83.61. The firm has a market cap of $3.36 billion, a P/E ratio of -26.82 and a beta of 2.07.



Mirati Therapeutics (NASDAQ:MRTX) last posted its quarterly earnings data on Monday, August 5th. The biotechnology company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($1.18) by ($0.08). The company had revenue of $0.58 million for the quarter. As a group, equities analysts anticipate that Mirati Therapeutics Inc will post -5.09 earnings per share for the current fiscal year.

In related news, major shareholder Boxer Capital, Llc sold 725,008 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $98.30, for a total transaction of $71,268,286.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Charles M. Baum sold 51,810 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $86.22, for a total transaction of $4,467,058.20. Following the sale, the chief executive officer now directly owns 117,851 shares in the company, valued at approximately $10,161,113.22. The disclosure for this sale can be found here. Insiders have sold 845,360 shares of company stock worth $82,651,250 in the last three months. 4.86% of the stock is currently owned by insiders.

A number of large investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Mirati Therapeutics by 19.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,422 shares of the biotechnology company’s stock worth $146,000 after acquiring an additional 235 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its stake in shares of Mirati Therapeutics by 2.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 10,192 shares of the biotechnology company’s stock worth $747,000 after buying an additional 290 shares in the last quarter. American International Group Inc. lifted its stake in shares of Mirati Therapeutics by 2.9% in the first quarter. American International Group Inc. now owns 13,664 shares of the biotechnology company’s stock worth $1,002,000 after buying an additional 383 shares in the last quarter. Metropolitan Life Insurance Co NY lifted its stake in shares of Mirati Therapeutics by 6.5% in the first quarter. Metropolitan Life Insurance Co NY now owns 6,870 shares of the biotechnology company’s stock worth $503,000 after buying an additional 419 shares in the last quarter. Finally, Aperio Group LLC bought a new position in shares of Mirati Therapeutics in the second quarter worth approximately $50,000.

About Mirati Therapeutics (NASDAQ:MRTX)

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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