ValuEngine Downgrades Mirati Therapeutics (MRTX) to Sell
Mirati Therapeutics (NASDAQ:MRTX) was downgraded by research analysts at ValuEngine from a “hold” rating to a “sell” rating in a report issued on Friday.
Several other equities analysts also recently weighed in on the company. Oppenheimer reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Mirati Therapeutics in a research note on Wednesday, November 22nd. HC Wainwright reaffirmed a “buy” rating and issued a $17.00 price objective (down from $20.00) on shares of Mirati Therapeutics in a research note on Tuesday, November 14th. Leerink Swann raised Mirati Therapeutics from a “market perform” rating to an “outperform” rating and set a $9.00 price objective for the company in a research note on Tuesday, November 14th. Zacks Investment Research raised Mirati Therapeutics from a “sell” rating to a “hold” rating in a research note on Tuesday, November 7th. Finally, SunTrust Banks reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Mirati Therapeutics in a research note on Thursday, October 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company’s stock. Mirati Therapeutics has an average rating of “Buy” and an average price target of $13.71.
Mirati Therapeutics (MRTX) opened at $16.75 on Friday. Mirati Therapeutics has a one year low of $2.70 and a one year high of $19.25.
Mirati Therapeutics (NASDAQ:MRTX) last released its quarterly earnings data on Wednesday, November 1st. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.16. sell-side analysts expect that Mirati Therapeutics will post -2.77 EPS for the current fiscal year.
In other Mirati Therapeutics news, SVP Jamie Christensen sold 4,000 shares of the stock in a transaction on Wednesday, October 4th. The stock was sold at an average price of $14.00, for a total transaction of $56,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Venbio Select Advisor Llc bought 650,000 shares of the stock in a transaction on Thursday, November 16th. The shares were bought at an average price of $13.00 per share, for a total transaction of $8,450,000.00. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 23,544 shares of company stock worth $365,826. 5.10% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in MRTX. Bank of New York Mellon Corp grew its holdings in Mirati Therapeutics by 22.9% during the 1st 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 last quarter. Dimensional Fund Advisors LP acquired a new stake in Mirati Therapeutics during the 1st quarter valued at $677,000. Renaissance Technologies LLC acquired a new stake in Mirati Therapeutics during the 1st quarter valued at $854,000. KCG Holdings Inc. acquired a new stake in Mirati Therapeutics during the 1st quarter valued at $106,000. Finally, LMR Partners LLP acquired a new stake in Mirati Therapeutics during the 2nd quarter valued at $236,000. Hedge funds and other institutional investors own 64.73% of the company’s stock.
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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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