Mirati Therapeutics (MRTX) Given a $62.00 Price Target at Oppenheimer

Oppenheimer set a $62.00 price objective on Mirati Therapeutics (NASDAQ:MRTX) in a report published on Tuesday. The firm currently has a buy rating on the biotechnology company’s stock.

A number of other analysts also recently weighed in on MRTX. Citigroup increased their price target on shares of Mirati Therapeutics from $37.00 to $64.00 and gave the company a buy rating in a research report on Thursday, July 5th. Cann increased their price target on shares of Mirati Therapeutics from $35.00 to $62.00 and gave the company an average rating in a research report on Monday, July 9th. HC Wainwright raised their target price on shares of Mirati Therapeutics to $63.00 and gave the stock a buy rating in a report on Friday, July 20th. Guggenheim began coverage on shares of Mirati Therapeutics in a report on Monday, September 17th. They set a neutral rating on the stock. Finally, Cowen restated a buy rating on shares of Mirati Therapeutics in a report on Thursday, September 27th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $52.00.

Shares of NASDAQ:MRTX traded down $1.27 during mid-day trading on Tuesday, reaching $37.78. The stock had a trading volume of 532,968 shares, compared to its average volume of 1,033,580. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of -13.59 and a beta of 1.83. Mirati Therapeutics has a twelve month low of $12.85 and a twelve month high of $65.35.

Mirati Therapeutics (NASDAQ:MRTX) last announced its quarterly earnings results on Wednesday, August 1st. The biotechnology company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.16). On average, equities analysts anticipate that Mirati Therapeutics will post -3.25 earnings per share for the current year.

In other Mirati Therapeutics news, CEO Charles M. Baum sold 51,810 shares of the firm’s stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $57.55, for a total transaction of $2,981,665.50. Following the sale, the chief executive officer now directly owns 102,742 shares in the company, valued at approximately $5,912,802.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.86% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. WINTON GROUP Ltd acquired a new stake in Mirati Therapeutics during the 3rd quarter worth approximately $260,000. Wells Fargo & Company MN raised its holdings in Mirati Therapeutics by 2,414.9% during the 3rd quarter. Wells Fargo & Company MN now owns 262,881 shares of the biotechnology company’s stock worth $12,382,000 after buying an additional 252,428 shares during the period. Alps Advisors Inc. raised its holdings in Mirati Therapeutics by 35.8% during the 3rd quarter. Alps Advisors Inc. now owns 57,263 shares of the biotechnology company’s stock worth $2,697,000 after buying an additional 15,104 shares during the period. Essex Investment Management Co. LLC acquired a new stake in Mirati Therapeutics during the 3rd quarter worth approximately $270,000. Finally, United Services Automobile Association bought a new position in shares of Mirati Therapeutics during the 2nd quarter worth approximately $250,000. Hedge funds and other institutional investors own 97.67% 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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