Mirati Therapeutics (MRTX) Cut to “Sell” at ValuEngine

Mirati Therapeutics (NASDAQ:MRTX) was downgraded by equities researchers at ValuEngine from a “hold” rating to a “sell” rating in a research note issued on Friday.

MRTX has been the subject of several other research reports. HC Wainwright restated a “buy” rating and issued a $17.00 target price (down previously from $20.00) on shares of Mirati Therapeutics in a research note on Tuesday, November 14th. Jefferies Group set a $5.00 target price on shares of Mirati Therapeutics and gave the stock a “hold” rating in a research note on Friday, August 4th. Oppenheimer restated a “buy” rating and issued a $18.00 target price on shares of Mirati Therapeutics in a research note on Wednesday, November 22nd. SunTrust Banks restated a “buy” rating and issued a $13.00 target price on shares of Mirati Therapeutics in a research note on Thursday, October 12th. Finally, Zacks Investment Research upgraded shares of Mirati Therapeutics from a “sell” rating to a “hold” rating in a research note on Tuesday, November 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $13.71.

Shares of Mirati Therapeutics (NASDAQ MRTX) opened at $16.75 on Friday. Mirati Therapeutics has a 52 week low of $2.70 and a 52 week high of $19.25.

Mirati Therapeutics (NASDAQ:MRTX) last released its earnings results on Wednesday, November 1st. The biotechnology company reported ($0.65) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.81) by $0.16. research analysts predict that Mirati Therapeutics will post -2.77 earnings per share for the current fiscal year.

In related news, major shareholder Venbio Select Advisor Llc acquired 650,000 shares of Mirati Therapeutics stock in a transaction that occurred on Thursday, November 16th. The stock was purchased at an average price of $13.00 per share, for a total transaction of $8,450,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 disclosure for this sale can be found here. Insiders sold 23,544 shares of company stock valued at $365,826 in the last quarter. Company insiders own 5.10% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in MRTX. KCG Holdings Inc. acquired a new position in Mirati Therapeutics during the first quarter worth about $106,000. Susquehanna International Group LLP raised its position in Mirati Therapeutics by 46.5% during the second quarter. Susquehanna International Group LLP now owns 50,509 shares of the biotechnology company’s stock worth $184,000 after acquiring an additional 16,030 shares during the last quarter. PDT Partners LLC acquired a new position in Mirati Therapeutics during the second quarter worth about $200,000. LMR Partners LLP acquired a new position in Mirati Therapeutics during the second quarter worth about $236,000. Finally, Citadel Advisors LLC acquired a new position in Mirati Therapeutics during the third quarter worth about $268,000. Hedge funds and other institutional investors own 64.73% of the company’s stock.

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About Mirati Therapeutics

Mirati Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of oncology products. The company’s 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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Analyst Recommendations for Mirati Therapeutics (NASDAQ:MRTX)

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