Mirati Therapeutics’ (MRTX) Buy Rating Reiterated at Cann

Cann reiterated their buy rating on shares of Mirati Therapeutics (NASDAQ:MRTX) in a report issued on Monday morning. They currently have a $18.00 price objective on the biotechnology company’s stock.

“Mirati Therapeutics, Inc. announced today that it has entered into an exclusive license agreement with BeiGene for the development, manufacturing and commercialization of Mirati’s sitravatinib in Asia (excluding Japan), Australia, and New Zealand. Mirati confirmed it will retain exclusive rights for the development, manufacturing and commercialization of sitravatinib for the rest of world.”,” the firm’s analyst commented.

MRTX has been the subject of a number of other research reports. HC Wainwright reiterated a buy rating and set a $17.00 price target (down previously from $20.00) on shares of Mirati Therapeutics in a research note on Tuesday, November 14th. Oppenheimer reiterated a buy rating and set a $18.00 price target on shares of Mirati Therapeutics in a research note on Wednesday, November 22nd. ValuEngine upgraded Mirati Therapeutics from a sell rating to a hold rating in a research note on Thursday, November 16th. SunTrust Banks reiterated a buy rating and set a $13.00 price target on shares of Mirati Therapeutics in a research note on Thursday, October 12th. Finally, Zacks Investment Research upgraded Mirati Therapeutics from a sell rating to a hold rating in a research note on Tuesday, November 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $14.75.

Mirati Therapeutics (NASDAQ MRTX) traded up $1.30 during mid-day trading on Monday, reaching $24.50. The company’s stock had a trading volume of 827,530 shares, compared to its average volume of 429,962. The firm has a market cap of $626.25, a P/E ratio of -7.88 and a beta of 1.79. Mirati Therapeutics has a fifty-two week low of $2.70 and a fifty-two week high of $23.45.

Mirati Therapeutics (NASDAQ:MRTX) last released its quarterly earnings results on Wednesday, November 1st. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.16. research analysts anticipate that Mirati Therapeutics will post -2.73 earnings per share for the current year.

In other news, SVP Jamie Christensen sold 14,725 shares of the business’s stock in a transaction that occurred on Thursday, January 11th. The stock was sold at an average price of $22.99, for a total value of $338,527.75. Following the transaction, the senior vice president now owns 6,395 shares in the company, valued at approximately $147,021.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Venbio Select Advisor Llc bought 650,000 shares of the business’s stock in a transaction dated Thursday, November 16th. The stock was acquired at an average price of $13.00 per share, for a total transaction of $8,450,000.00. The disclosure for this purchase can be found here. Insiders sold a total of 32,499 shares of company stock worth $628,464 in the last 90 days. Company insiders own 5.10% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Broadfin Capital LLC lifted its stake in Mirati Therapeutics by 19.1% in the second quarter. Broadfin Capital LLC now owns 2,490,801 shares of the biotechnology company’s stock valued at $9,091,000 after purchasing an additional 400,000 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Mirati Therapeutics by 68.7% in the third quarter. Dimensional Fund Advisors LP now owns 336,667 shares of the biotechnology company’s stock valued at $3,939,000 after purchasing an additional 137,104 shares during the last quarter. Sabby Management LLC lifted its stake in Mirati Therapeutics by 2.1% in 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 during the last quarter. Royce & Associates LP lifted its stake in Mirati Therapeutics by 88.7% in the second quarter. Royce & Associates LP now owns 251,100 shares of the biotechnology company’s stock valued at $917,000 after purchasing an additional 118,063 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Mirati Therapeutics by 845.4% in the second quarter. Goldman Sachs Group Inc. now owns 98,251 shares of the biotechnology company’s stock valued at $359,000 after purchasing an additional 87,858 shares during the last quarter. Institutional investors and hedge funds own 64.68% of the company’s stock.

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Mirati Therapeutics Company Profile

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.

Analyst Recommendations for Mirati Therapeutics (NASDAQ:MRTX)

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