Mirati Therapeutics, Inc. (NASDAQ:MRTX) shares fell 10.5% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $26.75 and last traded at $26.80. 836,626 shares changed hands during mid-day trading, an increase of 63% from the average session volume of 512,782 shares. The stock had previously closed at $29.95.

Specifically, major shareholder Venbio Select Advisor Llc purchased 650,000 shares of the business’s stock in a transaction on Thursday, November 16th. The stock was acquired at an average price of $13.00 per share, for a total transaction of $8,450,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Jamie Christensen sold 23,000 shares of Mirati Therapeutics stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $30.00, for a total value of $690,000.00. Following the transaction, the senior vice president now owns 10,877 shares of the company’s stock, valued at approximately $326,310. The disclosure for this sale can be found here. Insiders have sold a total of 71,314 shares of company stock valued at $1,831,831 in the last quarter. Company insiders own 5.10% of the company’s stock.

A number of research firms have issued reports on MRTX. HC Wainwright reiterated a “buy” rating and set a $17.00 price target (down previously from $20.00) on shares of Mirati Therapeutics in a research note on Tuesday, November 14th. ValuEngine upgraded Mirati Therapeutics from a “sell” rating to a “hold” rating in a research note on Friday, February 2nd. Oppenheimer reiterated a “buy” rating and set a $18.00 price target on shares of Mirati Therapeutics in a research note on Wednesday, November 22nd. SunTrust Banks reiterated a “buy” rating and set a $13.00 price target on shares of Mirati Therapeutics in a research note on Thursday, October 12th. Finally, Zacks Investment Research upgraded Mirati Therapeutics from a “sell” rating to a “hold” rating in a research note on Tuesday, November 7th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $14.75.

The company has a market capitalization of $807.11, a P/E ratio of -8.62 and a beta of 2.17.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Susquehanna International Group LLP boosted its stake in shares of Mirati Therapeutics by 46.5% in the 2nd quarter. Susquehanna International Group LLP now owns 50,509 shares of the biotechnology company’s stock worth $184,000 after buying an additional 16,030 shares during the last quarter. Citadel Advisors LLC purchased a new position in shares of Mirati Therapeutics in the 3rd quarter worth approximately $268,000. Goldman Sachs Group Inc. boosted its stake in shares of Mirati Therapeutics by 845.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 98,251 shares of the biotechnology company’s stock worth $359,000 after buying an additional 87,858 shares during the last quarter. OxFORD Asset Management LLP purchased a new position in shares of Mirati Therapeutics in the 3rd quarter worth approximately $365,000. Finally, Jane Street Group LLC purchased a new position in shares of Mirati Therapeutics in the 3rd quarter worth approximately $668,000. Hedge funds and other institutional investors own 66.29% 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 company’s 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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