Mirati Therapeutics Inc (NASDAQ:MRTX) – Investment analysts at Oppenheimer dropped their Q2 2018 earnings per share estimates for Mirati Therapeutics in a report released on Monday, May 7th. Oppenheimer analyst L. Cann now expects that the biotechnology company will post earnings of ($0.86) per share for the quarter, down from their previous forecast of ($0.66). Oppenheimer also issued estimates for Mirati Therapeutics’ Q3 2018 earnings at ($0.77) EPS, Q4 2018 earnings at ($0.84) EPS, FY2018 earnings at ($2.98) EPS, FY2019 earnings at ($4.84) EPS, FY2020 earnings at ($6.65) EPS, FY2021 earnings at ($14.25) EPS and FY2022 earnings at ($34.20) EPS.
MRTX has been the topic of a number of other research reports. BidaskClub raised Mirati Therapeutics from a “hold” rating to a “buy” rating in a research report on Tuesday, January 16th. SunTrust Banks upped their price objective on Mirati Therapeutics to $40.00 and gave the stock a “buy” rating in a research note on Friday, March 9th. Zacks Investment Research cut Mirati Therapeutics from a “hold” rating to a “sell” rating in a research note on Thursday, March 15th. Citigroup upped their price objective on Mirati Therapeutics from $23.00 to $37.00 and gave the stock a “buy” rating in a research note on Monday, March 5th. Finally, ValuEngine upgraded Mirati Therapeutics from a “sell” rating to a “hold” rating in a research note on Friday, February 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $25.44.
Mirati Therapeutics opened at $35.75 on Thursday, according to Marketbeat.com. Mirati Therapeutics has a 12-month low of $34.75 and a 12-month high of $35.95. The firm has a market cap of $1.03 billion, a PE ratio of -12.86 and a beta of 2.22.
Mirati Therapeutics (NASDAQ:MRTX) last posted its quarterly earnings results on Monday, May 7th. The biotechnology company reported ($0.51) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.12. The firm had revenue of $9.47 million for the quarter, compared to the consensus estimate of $10.00 million.
In other Mirati Therapeutics news, 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 value 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Jamie A. Donadio sold 51,875 shares of the stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $27.13, for a total value of $1,407,368.75. Following the completion of the sale, the chief financial officer now owns 9,375 shares of the company’s stock, valued at $254,343.75. The disclosure for this sale can be found here. Corporate insiders own 4.86% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in MRTX. Dimensional Fund Advisors LP raised its stake in Mirati Therapeutics by 68.7% in the third quarter. Dimensional Fund Advisors LP now owns 336,667 shares of the biotechnology company’s stock valued at $3,939,000 after buying an additional 137,104 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Mirati Therapeutics in the fourth quarter valued at about $829,000. Jennison Associates LLC purchased a new stake in Mirati Therapeutics in the fourth quarter valued at about $8,899,000. Raymond James Financial Services Advisors Inc. purchased a new stake in Mirati Therapeutics in the fourth quarter valued at about $207,000. Finally, BlackRock Inc. raised its stake in Mirati Therapeutics by 57.5% in the fourth quarter. BlackRock Inc. now owns 510,362 shares of the biotechnology company’s stock valued at $9,314,000 after buying an additional 186,419 shares during the last quarter. Institutional investors own 77.26% of the company’s stock.
About Mirati Therapeutics
Mirati Therapeutics, Inc, a clinical-stage oncology company, develops targeted therapeutics to address the genetic, epigenetic, and immunological promoters of cancer. The company is involved in developing sitravatinib, an oral spectrum-selective kinase inhibitor, which is in Phase II clinical for the treatment of solid tumor; and in Phase Ib clinical trial to treat non-small cell lung cancer (NCSLC) patients with CBL, chromosome 4q12, and RET genetic alterations, as well as mocetinostat, an orally administered spectrum-selective Class 1 histone deacetylase inhibitor that is in Phase II clinical trial in combination with durvalumab for the treatment of patients with NSCLC.
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