Mirati Therapeutics Sees Large Decline in Short Interest (MRTX)
Shares of Mirati Therapeutics (NASDAQ:MRTX) were the recipient of a significant decline in short interest in the month of June. As of June 13th, there was short interest totalling 393,398 shares, a decline of 28.6% from the May 30th total of 550,920 shares, American Banking and Market News reports. Based on an average trading volume of 33,130 shares, the days-to-cover ratio is currently 11.9 days. Currently, 3.6% of the shares of the company are short sold.
In other Mirati Therapeutics news, major shareholder Orbimed Advisors Llc unloaded 107,332 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $21.66, for a total transaction of $2,324,811.12. The transaction was disclosed in a legal 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.
A number of analysts have recently weighed in on MRTX shares. 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 assigned a buy rating to the stock. Mirati Therapeutics currently has a consensus rating of “Buy” and an average target price of $27.10.
Shares of Mirati Therapeutics (NASDAQ:MRTX) opened at 19.22 on Thursday. Mirati Therapeutics has a one year low of $7.00 and a one year high of $25.97. The stock has a 50-day moving average of $20.11 and a 200-day moving average of $19.76. The company’s market cap is $259.0 million.
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