Cann Reaffirms Buy Rating for Mirati Therapeutics (MRTX)

Cann reiterated their buy rating on shares of Mirati Therapeutics (NASDAQ:MRTX) in a report published on Monday morning. They currently have a $18.00 target price on the biotechnology company’s stock.

“Mirati Therapeutics, Inc. announced today that it has entered into an exclusive license agreement with BeiGene for the development, manufacturing and commercialization of Mirati’s sitravatinib in Asia (excluding Japan), Australia, and New Zealand. Mirati confirmed it will retain exclusive rights for the development, manufacturing and commercialization of sitravatinib for the rest of world.”,” the firm’s analyst commented.

MRTX has been the topic of a number of other reports. SunTrust Banks reiterated a buy rating and set a $13.00 target price on shares of Mirati Therapeutics in a research report on Monday, October 2nd. CIBC started coverage on shares of Mirati Therapeutics in a research report on Tuesday, September 19th. They set an outperform rating and a $18.00 target price on the stock. ValuEngine lowered shares of Mirati Therapeutics from a hold rating to a sell rating in a research report on Friday, December 1st. Zacks Investment Research upgraded shares of Mirati Therapeutics from a sell rating to a hold rating in a research report on Tuesday, November 7th. Finally, Oppenheimer reiterated a buy rating and set a $18.00 target price on shares of Mirati Therapeutics in a research report on Wednesday, November 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $14.75.

Mirati Therapeutics (NASDAQ:MRTX) traded up $2.70 during trading hours on Monday, reaching $21.75. 619,700 shares of the company’s stock were exchanged, compared to its average volume of 374,614. The firm has a market capitalization of $587.11, a price-to-earnings ratio of -6.99 and a beta of 1.79. Mirati Therapeutics has a 52-week low of $2.70 and a 52-week high of $21.77.

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 Zacks’ consensus estimate of ($0.81) by $0.16. equities research analysts anticipate that Mirati Therapeutics will post -2.73 earnings per share for the current year.

In related news, SVP Jamie Christensen sold 10,275 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $18.00, for a total transaction of $184,950.00. Following the completion of the sale, the senior vice president now directly owns 12,670 shares of the company’s stock, valued at $228,060. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Venbio Select Advisor Llc purchased 650,000 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The shares were acquired at an average cost of $13.00 per share, with a total value of $8,450,000.00. The disclosure for this purchase can be found here. 5.10% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Broadfin Capital LLC raised its stake in shares of Mirati Therapeutics by 19.1% during the second quarter. Broadfin Capital LLC now owns 2,490,801 shares of the biotechnology company’s stock worth $9,091,000 after buying an additional 400,000 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Mirati Therapeutics by 53.3% during the second quarter. Dimensional Fund Advisors LP now owns 199,563 shares of the biotechnology company’s stock worth $728,000 after buying an additional 69,377 shares during the last quarter. Citadel Advisors LLC bought a new stake in shares of Mirati Therapeutics during the third quarter worth approximately $268,000. Royce & Associates LP raised its stake in shares of Mirati Therapeutics by 88.7% during the second quarter. Royce & Associates LP now owns 251,100 shares of the biotechnology company’s stock worth $917,000 after buying an additional 118,063 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Mirati Therapeutics by 845.4% during the second 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. 64.68% of the stock is owned by institutional investors and hedge funds.

COPYRIGHT VIOLATION NOTICE: This piece of content was first reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this piece of content on another publication, it was stolen and reposted in violation of US and international trademark and copyright legislation. The correct version of this piece of content can be viewed at https://www.dispatchtribunal.com/2018/01/11/cann-reaffirms-buy-rating-for-mirati-therapeutics-mrtx.html.

Mirati Therapeutics Company Profile

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.

Analyst Recommendations for Mirati Therapeutics (NASDAQ:MRTX)

Receive News & Ratings for Mirati Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mirati Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply