Mirati Therapeutics (NASDAQ:MRTX) Stock Price Down 7.1%

Mirati Therapeutics Inc (NASDAQ:MRTX) dropped 7.1% during trading on Thursday . The company traded as low as $84.38 and last traded at $85.44, approximately 561,438 shares changed hands during trading. A decline of 16% from the average daily volume of 672,269 shares. The stock had previously closed at $91.94.

MRTX has been the subject of a number of research reports. Cowen reiterated a “buy” rating on shares of Mirati Therapeutics in a research report on Tuesday, August 6th. JPMorgan Chase & Co. downgraded Mirati Therapeutics from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $101.00 to $85.00 in a research report on Friday, August 2nd. Citigroup upgraded Mirati Therapeutics from a “neutral” rating to a “buy” rating and increased their target price for the company from $76.00 to $132.00 in a research report on Tuesday, June 4th. HC Wainwright reiterated a “buy” rating and set a $117.00 target price on shares of Mirati Therapeutics in a research report on Tuesday, August 6th. Finally, Cantor Fitzgerald increased their target price on Mirati Therapeutics from $66.00 to $85.00 and gave the company a “positive” rating in a research report on Tuesday, June 4th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company. Mirati Therapeutics currently has a consensus rating of “Buy” and an average price target of $95.16.

The stock has a market cap of $3.28 billion, a PE ratio of -26.13 and a beta of 1.99. The firm has a 50 day moving average price of $98.98 and a 200 day moving average price of $82.38.

Mirati Therapeutics (NASDAQ:MRTX) last announced its quarterly earnings results on Monday, August 5th. The biotechnology company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($1.18) by ($0.08). The firm had revenue of $0.58 million during the quarter. On average, analysts expect that Mirati Therapeutics Inc will post -5.04 earnings per share for the current year.

In other Mirati Therapeutics news, major shareholder Avoro Capital Advisors Llc sold 62,500 shares of Mirati Therapeutics stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $101.88, for a total value of $6,367,500.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Boxer Capital, Llc sold 725,008 shares of Mirati Therapeutics stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $98.30, for a total value of $71,268,286.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 845,360 shares of company stock worth $82,651,250. Insiders own 4.86% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of MRTX. Legal & General Group Plc raised its stake in shares of Mirati Therapeutics by 16.5% during the fourth quarter. Legal & General Group Plc now owns 3,635 shares of the biotechnology company’s stock worth $154,000 after acquiring an additional 515 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Mirati Therapeutics during the first quarter worth approximately $261,000. CWM LLC purchased a new position in shares of Mirati Therapeutics during the first quarter worth approximately $40,000. Creative Planning purchased a new position in shares of Mirati Therapeutics during the first quarter worth approximately $231,000. Finally, BNP Paribas Arbitrage SA purchased a new position in shares of Mirati Therapeutics during the first quarter worth approximately $354,000. Institutional investors own 97.93% of the company’s stock.

About Mirati Therapeutics (NASDAQ:MRTX)

Mirati Therapeutics, Inc, a clinical-stage oncology company, develops product candidates to address the genetic and immunological promoters of cancer in the United States. The company is involved in developing sitravatinib, a spectrum-selective kinase inhibitor, which is in Phase II clinical for the treatment of non-small cell lung cancer (NCSLC); and in Phase Ib clinical trial to treat NCSLC patients with Casitas B-lineage Lymphoma genetic alterations, as well as KRAS G12C inhibitor program for NSCLC adenocarcinoma patients, colorectal cancer patients, and other cancers.

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