Cann Reiterates “Buy” Rating for Mirati Therapeutics (MRTX)

Mirati Therapeutics (NASDAQ:MRTX)‘s stock had its “buy” rating reiterated by equities researchers at Cann in a note issued to investors on Monday, January 8th. They currently have a $18.00 price objective on the biotechnology company’s stock. Cann’s target price points to a potential downside of 31.43% from the company’s previous close.

The analysts wrote, “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.””

A number of other equities research analysts have also weighed in on the company. Cowen assumed coverage on Mirati Therapeutics in a research report on Thursday, December 21st. They issued an “outperform” rating on the stock. ValuEngine lowered Mirati Therapeutics from a “hold” rating to a “sell” rating in a research report on Friday, December 1st. Oppenheimer restated a “buy” rating and set a $18.00 price target on shares of Mirati Therapeutics in a research report on Wednesday, November 22nd. HC Wainwright reissued a “buy” rating and issued a $17.00 target price (down from $20.00) on shares of Mirati Therapeutics in a report on Tuesday, November 14th. Finally, Leerink Swann raised Mirati Therapeutics from a “market perform” rating to an “outperform” rating and set a $9.00 target price on the stock in a report on Tuesday, November 14th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $14.75.

Mirati Therapeutics (MRTX) opened at $26.25 on Monday. The firm has a market capitalization of $699.14 and a PE ratio of -8.44. Mirati Therapeutics has a 1-year low of $2.70 and a 1-year high of $28.00.

Mirati Therapeutics (NASDAQ:MRTX) last announced its quarterly earnings results on Wednesday, November 1st. The biotechnology company reported ($0.65) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.81) by $0.16. analysts anticipate that Mirati Therapeutics will post -2.73 EPS for the current year.

In other news, 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 stock was bought at an average cost of $13.00 per share, with a total value of $8,450,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jamie Christensen sold 10,275 shares of the stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $18.00, for a total value of $184,950.00. Following the transaction, the senior vice president now directly owns 12,670 shares of the company’s stock, valued at $228,060. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,314 shares of company stock valued at $1,141,831. Company insiders own 5.10% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Royce & Associates LP raised its holdings in shares of Mirati Therapeutics by 88.7% in 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 period. Dimensional Fund Advisors LP raised its holdings in shares of Mirati Therapeutics by 53.3% in 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 period. PDT Partners LLC purchased a new stake in shares of Mirati Therapeutics in the second quarter worth approximately $200,000. Goldman Sachs Group Inc. raised its holdings in shares of Mirati Therapeutics by 845.4% in 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 period. Finally, Susquehanna International Group LLP raised 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 buying an additional 16,030 shares during the period. Institutional investors and hedge funds own 64.31% of the company’s stock.

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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)

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