Mirati Therapeutics (NASDAQ:MRTX) Trading 8.1% Higher Following Analyst Upgrade

Mirati Therapeutics, Inc. (NASDAQ:MRTXGet Rating) shares traded up 8.1% during trading on Thursday after JMP Securities raised their price target on the stock from $72.00 to $90.00. The company traded as high as $78.99 and last traded at $77.57. 18,601 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 1,022,671 shares. The stock had previously closed at $71.78.

A number of other research analysts also recently commented on the stock. Jonestrading reissued a “buy” rating and issued a $100.00 price objective on shares of Mirati Therapeutics in a research report on Saturday, June 4th. The Goldman Sachs Group decreased their price objective on shares of Mirati Therapeutics from $216.00 to $188.00 and set a “buy” rating for the company in a research report on Tuesday, June 7th. Guggenheim raised shares of Mirati Therapeutics from a “neutral” rating to a “buy” rating and set a $115.00 price objective for the company in a research report on Friday, May 20th. SVB Leerink decreased their price objective on shares of Mirati Therapeutics from $164.00 to $111.00 and set an “outperform” rating for the company in a research report on Friday, May 27th. Finally, Oppenheimer reduced their target price on shares of Mirati Therapeutics to $85.00 in a report on Thursday, June 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $137.93.

Insiders Place Their Bets

In other Mirati Therapeutics news, EVP Jamie Christensen sold 624 shares of Mirati Therapeutics stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $63.54, for a total value of $39,648.96. Following the completion of the sale, the executive vice president now owns 86,804 shares in the company, valued at approximately $5,515,526.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.47% of the company’s stock.

Hedge Funds Weigh In On Mirati Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Mirati Therapeutics by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 4,482,810 shares of the biotechnology company’s stock worth $368,577,000 after purchasing an additional 43,833 shares in the last quarter. BlackRock Inc. increased its position in Mirati Therapeutics by 1.5% during the 1st quarter. BlackRock Inc. now owns 2,797,638 shares of the biotechnology company’s stock worth $230,022,000 after purchasing an additional 40,963 shares in the last quarter. State Street Corp increased its position in Mirati Therapeutics by 37.5% during the 1st quarter. State Street Corp now owns 1,423,565 shares of the biotechnology company’s stock worth $117,046,000 after purchasing an additional 388,101 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Mirati Therapeutics by 1,494.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 851,950 shares of the biotechnology company’s stock worth $57,191,000 after purchasing an additional 798,528 shares in the last quarter. Finally, RA Capital Management L.P. increased its position in Mirati Therapeutics by 92.7% during the 1st quarter. RA Capital Management L.P. now owns 734,343 shares of the biotechnology company’s stock worth $60,378,000 after purchasing an additional 353,297 shares in the last quarter.

Mirati Therapeutics Trading Up 11.1 %

The stock’s 50-day moving average is $61.74 and its 200-day moving average is $76.10. The firm has a market capitalization of $4.81 billion, a price-to-earnings ratio of -7.30 and a beta of 0.99.

Mirati Therapeutics (NASDAQ:MRTXGet Rating) last posted its earnings results on Wednesday, May 4th. The biotechnology company reported ($3.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.37) by ($0.03). Mirati Therapeutics had a negative return on equity of 51.83% and a negative net margin of 824.57%. The business had revenue of $0.71 million for the quarter, compared to the consensus estimate of $0.18 million. During the same period in the previous year, the firm earned ($2.67) earnings per share. The company’s revenue was up 6990.0% compared to the same quarter last year. On average, equities research analysts anticipate that Mirati Therapeutics, Inc. will post -14.37 EPS for the current fiscal year.

Mirati Therapeutics Company Profile

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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.

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