Insider Selling: Mirati Therapeutics major shareholder Sells 107,332 Shares of Stock (MRTX)
Mirati Therapeutics (NASDAQ:MRTX) major shareholder Orbimed Advisors Llc unloaded 107,332 shares of the company’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $21.66, for a total value of $2,324,811.12. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
Shares of Mirati Therapeutics (NASDAQ:MRTX) traded down 0.35% during mid-day trading on Tuesday, hitting $19.93. The stock had a trading volume of 62,482 shares. Mirati Therapeutics has a 52-week low of $7.00 and a 52-week high of $25.97. The stock has a 50-day moving average of $19.93 and a 200-day moving average of $19.74. The company’s market cap is $268.6 million. Mirati Therapeutics also was the recipient of a large drop in short interest during the month of June. As of June 13th, there was short interest totalling 393,398 shares, a drop of 28.6% from the May 30th total of 550,920 shares. Currently, 3.6% of the shares of the company are sold short. Based on an average daily trading volume, of 33,130 shares, the days-to-cover ratio is currently 11.9 days.
A number of research firms have recently commented on MRTX. Analysts at JMP Securities reiterated a “market outperform” rating on shares of Mirati Therapeutics in a research note on Monday, June 16th. They now have a $28.00 price target on the stock, up previously from $25.00. Analysts at Zacks upgraded shares of Mirati Therapeutics from an “underperform” rating to a “neutral” rating in a research note on Thursday, April 10th. They now have a $19.40 price target on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $27.10.
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