Leerink Swann Increases Mirati Therapeutics, Inc. (MRTX) Price Target to $9.00
Mirati Therapeutics, Inc. (NASDAQ:MRTX) had its price target increased by research analysts at Leerink Swann from $7.00 to $9.00 in a research note issued to investors on Friday. The brokerage presently has a “market perform” rating on the biotechnology company’s stock. Leerink Swann’s price objective suggests a potential upside of 87.50% from the stock’s previous close.
MRTX has been the topic of several other reports. ValuEngine downgraded Mirati Therapeutics from a “sell” rating to a “strong sell” rating in a report on Friday, June 2nd. Jefferies Group LLC reiterated a “hold” rating and issued a $4.50 price target on shares of Mirati Therapeutics in a report on Monday, June 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. Mirati Therapeutics presently has an average rating of “Hold” and a consensus price target of $8.15.
Mirati Therapeutics (NASDAQ MRTX) traded up 95.79% during mid-day trading on Friday, hitting $9.30. 11,807,671 shares of the company were exchanged. Mirati Therapeutics has a 12 month low of $2.70 and a 12 month high of $10.70. The firm has a 50 day moving average price of $5.03 and a 200 day moving average price of $4.45. The stock’s market cap is $232.21 million.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its position in Mirati Therapeutics by 22.9% during the first quarter. Bank of New York Mellon Corp now owns 63,004 shares of the biotechnology company’s stock valued at $328,000 after buying an additional 11,753 shares during the period. Susquehanna International Group LLP raised its position in Mirati Therapeutics by 46.5% during the second quarter. Susquehanna International Group LLP now owns 50,509 shares of the biotechnology company’s stock valued at $184,000 after buying an additional 16,030 shares during the period. Trexquant Investment LP raised its position in Mirati Therapeutics by 62.2% during the first quarter. Trexquant Investment LP now owns 42,879 shares of the biotechnology company’s stock valued at $223,000 after buying an additional 16,447 shares during the period. KCG Holdings Inc. acquired a new position in Mirati Therapeutics during the first quarter valued at $106,000. Finally, PDT Partners LLC acquired a new position in Mirati Therapeutics during the second quarter valued at $200,000. 60.17% of the stock is owned by institutional investors and hedge funds.
About Mirati Therapeutics
Mirati Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of oncology products. The companys clinical stage product candidates include glesatinib, an orally-bioavailable, potent, small molecule kinase inhibitor that is in Phase II clinical trials for the treatment of non-small cell lung cancer (NSCLC) patients with genetic alterations of MET; and in Phase Ib clinical trials in patients with genetic alterations of MET and Axl in NSCLC and other solid tumors.
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