Zacks: Analysts Expect Mirati Therapeutics, Inc. (MRTX) to Announce -$0.65 Earnings Per Share

Wall Street analysts expect Mirati Therapeutics, Inc. (NASDAQ:MRTX) to report earnings per share of ($0.65) for the current quarter, Zacks Investment Research reports. Zero analysts have made estimates for Mirati Therapeutics’ earnings. The highest EPS estimate is ($0.53) and the lowest is ($0.75). Mirati Therapeutics reported earnings of ($0.99) per share in the same quarter last year, which indicates a positive year over year growth rate of 34.3%. The business is scheduled to issue its next earnings results on Thursday, March 8th.

On average, analysts expect that Mirati Therapeutics will report full year earnings of ($2.77) per share for the current year, with EPS estimates ranging from ($2.88) to ($2.65). For the next financial year, analysts anticipate that the business will report earnings of ($2.66) per share, with EPS estimates ranging from ($3.53) to ($2.11). Zacks’ EPS averages are a mean average based on a survey of research firms that cover Mirati Therapeutics.

Mirati Therapeutics (NASDAQ:MRTX) last released its earnings results on Wednesday, November 1st. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.81) by $0.16.

Several analysts have recently issued reports on the company. ValuEngine lowered Mirati Therapeutics from a “hold” rating to a “sell” rating in a report on Friday. Oppenheimer reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Mirati Therapeutics in a research note on Wednesday, November 22nd. HC Wainwright reaffirmed a “buy” rating and issued a $17.00 price objective (down from $20.00) on shares of Mirati Therapeutics in a research note on Tuesday, November 14th. Leerink Swann raised Mirati Therapeutics from a “market perform” rating to an “outperform” rating and set a $9.00 price objective on the stock in a research note on Tuesday, November 14th. Finally, Zacks Investment Research raised Mirati Therapeutics from a “sell” rating to a “hold” rating in a research note on Tuesday, November 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $13.71.

In other news, major shareholder Venbio Select Advisor Llc purchased 650,000 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were purchased at an average cost of $13.00 per share, with a total value of $8,450,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Jamie Christensen sold 7,499 shares of Mirati Therapeutics stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $14.00, for a total value of $104,986.00. Following the sale, the senior vice president now directly owns 10,169 shares in the company, valued at $142,366. The disclosure for this sale can be found here. Insiders sold 23,544 shares of company stock worth $365,826 over the last ninety days. 5.10% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in the company. Sabby Management LLC boosted its stake in shares of Mirati Therapeutics by 2.1% during the second quarter. Sabby Management LLC now owns 255,100 shares of the biotechnology company’s stock valued at $921,000 after purchasing an additional 5,365 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of 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 valued at $328,000 after purchasing an additional 11,753 shares in the last quarter. Susquehanna International Group LLP boosted its stake in shares of Mirati Therapeutics by 46.5% during the second quarter. Susquehanna International Group LLP now owns 50,509 shares of the biotechnology company’s stock valued at $184,000 after purchasing an additional 16,030 shares in the last quarter. KCG Holdings Inc. acquired a new stake in shares of Mirati Therapeutics during the first quarter valued at about $106,000. Finally, Citadel Advisors LLC acquired a new stake in shares of Mirati Therapeutics during the third quarter valued at about $268,000. 64.73% of the stock is currently owned by hedge funds and other institutional investors.

Mirati Therapeutics (NASDAQ:MRTX) traded down $0.40 on Friday, hitting $16.75. The stock had a trading volume of 361,354 shares, compared to its average volume of 515,987. Mirati Therapeutics has a 12 month low of $2.70 and a 12 month high of $19.25.

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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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Earnings History and Estimates for Mirati Therapeutics (NASDAQ:MRTX)

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