Fmr LLC raised its stake in Mirati Therapeutics Inc (NASDAQ:MRTX) by 67.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,986,315 shares of the biotechnology company’s stock after buying an additional 800,223 shares during the period. Fmr LLC owned about 6.14% of Mirati Therapeutics worth $97,926,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MRTX. Bank of New York Mellon Corp boosted its holdings in Mirati Therapeutics by 348.8% in the second quarter. Bank of New York Mellon Corp now owns 110,138 shares of the biotechnology company’s stock worth $5,430,000 after acquiring an additional 85,595 shares in the last quarter. Sio Capital Management LLC purchased a new stake in shares of Mirati Therapeutics in the second quarter worth approximately $2,960,000. MetLife Investment Advisors LLC purchased a new stake in shares of Mirati Therapeutics in the second quarter worth approximately $424,000. Metropolitan Life Insurance Co. NY purchased a new stake in shares of Mirati Therapeutics in the second quarter worth approximately $299,000. Finally, Vident Investment Advisory LLC purchased a new stake in shares of Mirati Therapeutics in the second quarter worth approximately $2,515,000. Hedge funds and other institutional investors own 97.66% of the company’s stock.
Shares of MRTX opened at $39.56 on Friday. The company has a market cap of $1.27 billion, a P/E ratio of -14.23 and a beta of 1.83. Mirati Therapeutics Inc has a 12 month low of $12.85 and a 12 month high of $65.35.
Mirati Therapeutics (NASDAQ:MRTX) last issued its quarterly earnings results on Tuesday, November 6th. The biotechnology company reported ($0.85) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.87) by $0.02. As a group, research analysts anticipate that Mirati Therapeutics Inc will post -3.25 EPS for the current fiscal year.
Several analysts have recently commented on MRTX shares. HC Wainwright increased their price objective on Mirati Therapeutics to $63.00 and gave the stock a “buy” rating in a research note on Friday, July 20th. Cowen reissued a “buy” rating on shares of Mirati Therapeutics in a research note on Monday, October 22nd. Zacks Investment Research raised Mirati Therapeutics from a “sell” rating to a “hold” rating in a research note on Thursday, October 4th. Guggenheim raised Mirati Therapeutics from a “neutral” rating to a “buy” rating in a research note on Monday, October 29th. Finally, Oppenheimer set a $62.00 price objective on Mirati Therapeutics and gave the stock a “buy” rating in a research note on Tuesday, October 30th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $51.29.
In related news, CEO Charles M. Baum sold 51,810 shares of the stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $57.55, for a total transaction of $2,981,665.50. Following the completion of the sale, the chief executive officer now directly owns 102,742 shares of the company’s stock, valued at $5,912,802.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.86% of the company’s stock.
About Mirati Therapeutics
Mirati Therapeutics, Inc, a clinical-stage oncology company, develops targeted therapeutics to address the genetic, epigenetic, and immunological promoters of cancer. The company is involved in developing sitravatinib, an oral spectrum-selective kinase inhibitor, which is in Phase II clinical for the treatment of solid tumor; and in Phase Ib clinical trial to treat non-small cell lung cancer (NCSLC) patients with CBL, chromosome 4q12, and RET genetic alterations, as well as mocetinostat, an orally administered spectrum-selective Class 1 histone deacetylase inhibitor that is in Phase II clinical trial in combination with durvalumab for the treatment of patients with NSCLC.
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