Mirati Therapeutics (NASDAQ:MRTX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday.

According to Zacks, “Mirati Therapeutics, Inc. is a biopharmaceutical company. It engaged in the development of novel therapeutics for the treatment of cancer. Mirati Therapeutics, Inc., formerly known as MethylGene Inc., is based in Montreal, Canada. “

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Several other equities analysts have also weighed in on the stock. Cann restated a “buy” rating and set a $18.00 price target on shares of Mirati Therapeutics in a research report on Monday, January 8th. Cowen assumed coverage on shares of Mirati Therapeutics in a research report on Thursday, December 21st. They set an “outperform” rating for the company. HC Wainwright increased their target price on shares of Mirati Therapeutics from $17.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. BidaskClub upgraded shares of Mirati Therapeutics from a “hold” rating to a “buy” rating in a research report on Tuesday, January 16th. Finally, Oppenheimer set a $18.00 target price on shares of Mirati Therapeutics and gave the stock a “buy” rating in a research report on Monday, January 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $25.44.

Mirati Therapeutics (NASDAQ MRTX) opened at $34.25 on Thursday. The firm has a market cap of $981.07, a PE ratio of -12.32 and a beta of 2.00. Mirati Therapeutics has a 1 year low of $2.70 and a 1 year high of $37.62.

Mirati Therapeutics (NASDAQ:MRTX) last posted its quarterly earnings results on Thursday, March 8th. The biotechnology company reported ($0.67) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.61) by ($0.06). equities analysts forecast that Mirati Therapeutics will post -2.46 earnings per share for the current fiscal year.

In other news, SVP Jamie Christensen sold 14,725 shares of the stock in a transaction dated Thursday, January 11th. The shares were sold at an average price of $22.99, for a total value of $338,527.75. Following the sale, the senior vice president now directly owns 6,395 shares of the company’s stock, valued at $147,021.05. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Jamie A. Donadio sold 12,100 shares of the stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $35.00, for a total transaction of $423,500.00. Following the completion of the sale, the chief financial officer now directly owns 12,100 shares in the company, valued at $423,500. The disclosure for this sale can be found here. Insiders have sold 125,014 shares of company stock valued at $3,477,750 in the last quarter. Company insiders own 5.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. lifted its holdings in shares of Mirati Therapeutics by 57.5% in the fourth quarter. BlackRock Inc. now owns 510,362 shares of the biotechnology company’s stock worth $9,314,000 after buying an additional 186,419 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of Mirati Therapeutics in the fourth quarter worth about $8,899,000. Dimensional Fund Advisors LP lifted its holdings in shares of Mirati Therapeutics by 68.7% in the third quarter. Dimensional Fund Advisors LP now owns 336,667 shares of the biotechnology company’s stock worth $3,939,000 after buying an additional 137,104 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Mirati Therapeutics by 8.7% in the fourth quarter. Geode Capital Management LLC now owns 184,406 shares of the biotechnology company’s stock worth $3,365,000 after buying an additional 14,721 shares in the last quarter. Finally, Rock Springs Capital Management LP purchased a new stake in shares of Mirati Therapeutics in the fourth quarter worth about $3,285,000. 82.89% of the stock is currently owned by hedge funds and other institutional investors.

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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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