Short Interest in Mirati Therapeutics, Inc. (MRTX) Grows By 31.9%
Mirati Therapeutics, Inc. (NASDAQ:MRTX) was the target of a large increase in short interest in December. As of December 29th, there was short interest totalling 1,307,999 shares, an increase of 31.9% from the December 15th total of 991,526 shares. Approximately 5.6% of the company’s stock are sold short. Based on an average trading volume of 301,198 shares, the short-interest ratio is currently 4.3 days.
MRTX has been the topic of several recent analyst reports. Oppenheimer began coverage on Mirati Therapeutics in a research note on Monday, September 18th. They set an “outperform” rating and a $18.00 price objective on the stock. Zacks Investment Research cut Mirati Therapeutics from a “hold” rating to a “sell” rating in a research note on Thursday, October 5th. SunTrust Banks reiterated a “buy” rating and set a $13.00 target price on shares of Mirati Therapeutics in a research note on Monday, October 2nd. Cowen began coverage on Mirati Therapeutics in a research note on Thursday, December 21st. They set an “outperform” rating on the stock. Finally, Cann reiterated a “buy” rating and set a $18.00 target price on shares of Mirati Therapeutics in a research note on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $14.75.
In related news, major shareholder Venbio Select Advisor Llc acquired 650,000 shares of the company’s stock in a transaction on Thursday, November 16th. The shares were acquired at an average cost of $13.00 per share, for a total transaction of $8,450,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Jamie Christensen sold 10,275 shares of the firm’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $18.00, for a total value of $184,950.00. Following the transaction, the senior vice president now owns 12,670 shares in the company, valued at $228,060. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,499 shares of company stock worth $628,464. Company insiders own 5.10% of the company’s stock.
Shares of Mirati Therapeutics (NASDAQ:MRTX) opened at $24.75 on Friday. The company has a market capitalization of $626.25, a price-to-earnings ratio of -7.96 and a beta of 1.61. Mirati Therapeutics has a 52 week low of $2.70 and a 52 week high of $25.20.
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 Zacks’ consensus estimate of ($0.81) by $0.16. equities analysts expect that Mirati Therapeutics will post -2.73 EPS for the current year.
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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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