Mirati Therapeutics, Inc. (NASDAQ:MRTX) – SunTrust Banks cut their FY2019 earnings per share estimates for shares of Mirati Therapeutics in a report issued on Tuesday, Zacks Investment Research reports. SunTrust Banks analyst P. Lawson now anticipates that the biotechnology company will post earnings per share of ($2.80) for the year, down from their previous forecast of ($2.54). SunTrust Banks has a “Buy” rating and a $13.00 price objective on the stock. SunTrust Banks also issued estimates for Mirati Therapeutics’ FY2020 earnings at ($1.67) EPS and FY2021 earnings at ($0.97) EPS.
Mirati Therapeutics (NASDAQ:MRTX) last released its quarterly earnings results on Wednesday, November 1st. The biotechnology company reported ($0.65) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.81) by $0.16.
Several other research firms also recently commented on MRTX. Oppenheimer started coverage on shares of Mirati Therapeutics in a research note on Monday, September 18th. They issued an “outperform” rating and a $18.00 price target on the stock. ValuEngine upgraded shares of Mirati Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Friday, September 15th. Zacks Investment Research downgraded shares of Mirati Therapeutics from a “hold” rating to a “sell” rating in a research note on Thursday, October 5th. CIBC started coverage on shares of Mirati Therapeutics in a research note on Tuesday, September 19th. They issued an “outperform” rating and a $18.00 price target on the stock. Finally, Leerink Swann upped their price target on shares of Mirati Therapeutics from $7.00 to $9.00 and gave the company a “market perform” rating in a research note on Friday, September 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $13.71.
Mirati Therapeutics (NASDAQ MRTX) traded down $0.65 during mid-day trading on Friday, hitting $16.10. 548,376 shares of the company traded hands, compared to its average volume of 545,325. Mirati Therapeutics has a fifty-two week low of $2.70 and a fifty-two week high of $19.25.
Hedge funds have recently bought and sold shares of the company. KCG Holdings Inc. bought a new position in shares of Mirati Therapeutics in the first quarter worth about $106,000. Citadel Advisors LLC bought a new position in shares of Mirati Therapeutics in the third quarter worth about $268,000. OxFORD Asset Management LLP bought a new position in shares of Mirati Therapeutics in the third quarter worth about $365,000. Susquehanna International Group LLP lifted its holdings in shares of Mirati Therapeutics by 46.5% in the second quarter. Susquehanna International Group LLP now owns 50,509 shares of the biotechnology company’s stock worth $184,000 after acquiring an additional 16,030 shares during the last quarter. Finally, PDT Partners LLC bought a new position in shares of Mirati Therapeutics in the second quarter worth about $200,000. 64.73% of the stock is owned by hedge funds and other institutional investors.
In other news, major shareholder Venbio Select Advisor Llc acquired 650,000 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was acquired at an average price of $13.00 per share, with a total value of $8,450,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jamie Christensen sold 7,499 shares of the stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $14.00, for a total transaction of $104,986.00. Following the completion of the transaction, the senior vice president now directly owns 10,169 shares of the company’s stock, valued at approximately $142,366. The disclosure for this sale can be found here. Insiders have sold 23,544 shares of company stock valued at $365,826 in the last ninety days. 5.10% of the stock is currently owned by company insiders.
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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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