Mirati Therapeutics (NASDAQ:MRTX) Stock Price Up 5.1%

Posted by Trevor Kearing on May 26th, 2023

Mirati Therapeutics, Inc. (NASDAQ:MRTX – Get Rating)’s stock price rose 5.1% during trading on Friday . The stock traded as high as $40.56 and last traded at $40.36. Approximately 250,078 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 1,092,699 shares. The stock had previously closed at $38.40.

Analyst Upgrades and Downgrades

MRTX has been the subject of several recent research reports. Stifel Nicolaus reduced their price target on shares of Mirati Therapeutics from $78.00 to $77.00 in a report on Wednesday, May 10th. 22nd Century Group reaffirmed a “reiterates” rating on shares of Mirati Therapeutics in a research report on Thursday, May 11th. Morgan Stanley cut their price objective on shares of Mirati Therapeutics from $60.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Friday, January 27th. Oppenheimer raised shares of Mirati Therapeutics from a “market perform” rating to an “outperform” rating in a research report on Thursday. Finally, Barclays cut their price objective on shares of Mirati Therapeutics from $90.00 to $75.00 in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $76.93.

Mirati Therapeutics Stock Down 1.8 %

The company’s fifty day moving average is $42.22 and its two-hundred day moving average is $49.69. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of -3.05 and a beta of 1.04.

Mirati Therapeutics (NASDAQ:MRTX – Get Rating) last announced its quarterly earnings results on Tuesday, May 9th. The biotechnology company reported ($3.18) EPS for the quarter, beating the consensus estimate of ($3.47) by $0.29. The company had revenue of $7.17 million for the quarter, compared to analyst estimates of $4.80 million. Mirati Therapeutics had a negative net margin of 3,901.06% and a negative return on equity of 71.90%. The firm’s revenue was up 910.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($3.40) earnings per share. Sell-side analysts predict that Mirati Therapeutics, Inc. will post -12.66 EPS for the current fiscal year.

Insider Transactions at Mirati Therapeutics

In other news, EVP Jamie Christensen sold 619 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $45.29, for a total transaction of $28,034.51. Following the transaction, the executive vice president now directly owns 124,123 shares in the company, valued at $5,621,530.67. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 3.47% of the company’s stock.

Hedge Funds Weigh In On Mirati Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of MRTX. Goldman Sachs Group Inc. grew its position in Mirati Therapeutics by 1,803.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 2,447,460 shares of the biotechnology company’s stock valued at $164,298,000 after buying an additional 2,318,853 shares during the last quarter. Armistice Capital LLC lifted its holdings in Mirati Therapeutics by 83.6% in the fourth quarter. Armistice Capital LLC now owns 3,488,000 shares of the biotechnology company’s stock valued at $158,041,000 after acquiring an additional 1,588,000 shares during the period. EcoR1 Capital LLC acquired a new stake in Mirati Therapeutics in the third quarter valued at $70,928,000. Morgan Stanley lifted its holdings in Mirati Therapeutics by 71.2% in the fourth quarter. Morgan Stanley now owns 1,689,711 shares of the biotechnology company’s stock valued at $76,561,000 after acquiring an additional 702,556 shares during the period. Finally, Point72 Asset Management L.P. lifted its holdings in Mirati Therapeutics by 639.9% in the fourth quarter. Point72 Asset Management L.P. now owns 753,600 shares of the biotechnology company’s stock valued at $34,146,000 after acquiring an additional 651,753 shares during the period.

Mirati Therapeutics Company Profile

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Mirati Therapeutics, Inc operates as a clinical-stage oncology company. engages in the development of novel therapeutics. The firm’s products target the genetic and immunological promoters of cancer. Its clinical pipeline consists of Adagrasib, MRTX1133, and Sitravatinib. The company was founded on December 13, 1995, and is headquartered in San Diego, CA.