Mirati Therapeutics (NASDAQ:MRTX) Price Target Cut to $83.00
Mirati Therapeutics (NASDAQ:MRTX) had its price target reduced by analysts at B. Riley from $92.00 to $83.00 in a research report issued on Wednesday, BenzingaRatingsTable reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. B. Riley’s target price would indicate a potential downside of 1.46% from the company’s previous close.
Several other equities analysts have also issued reports on MRTX. Citigroup raised Mirati Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $76.00 to $132.00 in a report on Tuesday, June 4th. Deutsche Bank started coverage on Mirati Therapeutics in a report on Thursday, July 18th. They set a “hold” rating and a $86.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $117.00 price objective on shares of Mirati Therapeutics in a report on Tuesday, August 6th. Cantor Fitzgerald dropped their price objective on Mirati Therapeutics from $85.00 to $81.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Zacks Investment Research lowered Mirati Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the stock. Mirati Therapeutics presently has a consensus rating of “Buy” and an average target price of $98.60.
Mirati Therapeutics stock traded down $1.28 during midday trading on Wednesday, reaching $84.23. The company’s stock had a trading volume of 1,845 shares, compared to its average volume of 664,360. Mirati Therapeutics has a fifty-two week low of $28.50 and a fifty-two week high of $111.99. The company has a market cap of $3.19 billion, a P/E ratio of -26.49 and a beta of 2.07. The business has a 50-day simple moving average of $90.90 and a 200-day simple moving average of $83.56.
In related news, Director Michael G. Grey sold 3,042 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $92.27, for a total transaction of $280,685.34. Following the transaction, the director now owns 4,840 shares of the company’s stock, valued at $446,586.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Charles M. Baum sold 51,810 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $86.22, for a total value of $4,467,058.20. Following the transaction, the chief executive officer now directly owns 117,851 shares in the company, valued at approximately $10,161,113.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 845,360 shares of company stock worth $82,651,250. Corporate insiders own 4.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MRTX. BNP Paribas Arbitrage SA purchased a new position in shares of Mirati Therapeutics during the first quarter worth about $354,000. Rhumbline Advisers boosted its holdings in Mirati Therapeutics by 4.3% in the 1st quarter. Rhumbline Advisers now owns 27,364 shares of the biotechnology company’s stock valued at $2,006,000 after purchasing an additional 1,123 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in Mirati Therapeutics by 2.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 10,192 shares of the biotechnology company’s stock valued at $747,000 after purchasing an additional 290 shares in the last quarter. American International Group Inc. boosted its holdings in Mirati Therapeutics by 2.9% in the 1st quarter. American International Group Inc. now owns 13,664 shares of the biotechnology company’s stock valued at $1,002,000 after purchasing an additional 383 shares in the last quarter. Finally, Frontier Capital Management Co. LLC purchased a new stake in Mirati Therapeutics in the 1st quarter valued at approximately $3,153,000.
About Mirati Therapeutics
Mirati Therapeutics, Inc, a clinical-stage oncology company, develops product candidates to address the genetic and immunological promoters of cancer in the United States. The company is involved in developing sitravatinib, a spectrum-selective kinase inhibitor, which is in Phase II clinical for the treatment of non-small cell lung cancer (NCSLC); and in Phase Ib clinical trial to treat NCSLC patients with Casitas B-lineage Lymphoma genetic alterations, as well as KRAS G12C inhibitor program for NSCLC adenocarcinoma patients, colorectal cancer patients, and other cancers.
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