Mirati Therapeutics, Inc. (MRTX) Earns Buy Rating from HC Wainwright
Mirati Therapeutics, Inc. (NASDAQ:MRTX)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. They currently have a $20.00 price objective on the biotechnology company’s stock. HC Wainwright’s target price would suggest a potential upside of 38.89% from the company’s previous close.
MRTX has been the topic of several other reports. Zacks Investment Research lowered shares of Mirati Therapeutics from a “hold” rating to a “sell” rating in a research report on Thursday, October 5th. ValuEngine raised shares of Mirati Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Friday, September 15th. Oppenheimer Holdings, Inc. initiated coverage on shares of Mirati Therapeutics in a research report on Monday, September 18th. They issued an “outperform” rating and a $18.00 price objective on the stock. Citigroup Inc. reissued a “buy” rating and issued a $16.00 price objective (up from $8.00) on shares of Mirati Therapeutics in a research report on Tuesday, September 19th. Finally, Leerink Swann increased their price objective on shares of Mirati Therapeutics from $7.00 to $9.00 and gave the company a “market perform” rating in a research report on Friday, September 15th. Two analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $13.88.
Mirati Therapeutics (MRTX) traded down 1.39% during mid-day trading on Thursday, reaching $14.20. 474,872 shares of the company’s stock traded hands. Mirati Therapeutics has a 1-year low of $2.70 and a 1-year high of $15.50. The firm has a 50 day moving average of $8.95 and a 200 day moving average of $5.36. The firm’s market cap is $354.56 million.
In related news, SVP Jamie Christensen sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $14.00, for a total transaction of $56,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. 5.10% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Royce & Associates LP increased its position in Mirati Therapeutics by 88.7% during the second quarter. Royce & Associates LP now owns 251,100 shares of the biotechnology company’s stock worth $917,000 after acquiring an additional 118,063 shares during the period. Omega Advisors Inc. bought a new position in Mirati Therapeutics during the first quarter worth about $520,000. Bank of New York Mellon Corp increased its position in Mirati Therapeutics by 22.9% during the first quarter. Bank of New York Mellon Corp now owns 63,004 shares of the biotechnology company’s stock worth $328,000 after acquiring an additional 11,753 shares during the period. PDT Partners LLC bought a new position in Mirati Therapeutics during the second quarter worth about $200,000. Finally, KCG Holdings Inc. bought a new position in Mirati Therapeutics during the first quarter worth about $106,000. 60.17% of the stock is currently owned by institutional investors and hedge funds.
About Mirati Therapeutics
Mirati Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of oncology products. The companys clinical stage product candidates include glesatinib, an orally-bioavailable, potent, small molecule kinase inhibitor that is in Phase II clinical trials for the treatment of non-small cell lung cancer (NSCLC) patients with genetic alterations of MET; and in Phase Ib clinical trials in patients with genetic alterations of MET and Axl in NSCLC and other solid tumors.
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