Mirati Therapeutics Inc (NASDAQ:MRTX) to Post Q3 2020 Earnings of ($2.08) Per Share, SVB Leerink Forecasts

Mirati Therapeutics Inc (NASDAQ:MRTX) – Equities researchers at SVB Leerink reduced their Q3 2020 EPS estimates for shares of Mirati Therapeutics in a research note issued on Thursday, September 17th. SVB Leerink analyst A. Berens now forecasts that the biotechnology company will earn ($2.08) per share for the quarter, down from their prior forecast of ($1.89). SVB Leerink also issued estimates for Mirati Therapeutics’ Q4 2020 earnings at ($2.26) EPS, FY2020 earnings at ($8.25) EPS, FY2021 earnings at ($8.62) EPS, FY2022 earnings at ($5.34) EPS, FY2023 earnings at ($3.69) EPS and FY2024 earnings at $1.57 EPS.

Mirati Therapeutics (NASDAQ:MRTX) last released its quarterly earnings data on Thursday, August 6th. The biotechnology company reported ($1.89) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($2.10) by $0.21. Mirati Therapeutics had a negative net margin of 10,983.84% and a negative return on equity of 57.01%.

A number of other analysts have also recently weighed in on MRTX. BidaskClub raised shares of Mirati Therapeutics from a “hold” rating to a “buy” rating in a report on Friday. Barclays increased their price objective on shares of Mirati Therapeutics from $123.00 to $143.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Citigroup cut shares of Mirati Therapeutics from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $127.00 to $183.00 in a report on Friday. Piper Sandler increased their price objective on shares of Mirati Therapeutics from $145.00 to $170.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Oppenheimer raised their target price on shares of Mirati Therapeutics from $133.00 to $190.00 and gave the company an “outperform” rating in a research note on Monday. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Mirati Therapeutics has a consensus rating of “Buy” and an average price target of $141.08.

MRTX stock opened at $162.15 on Monday. Mirati Therapeutics has a fifty-two week low of $66.01 and a fifty-two week high of $171.48. The firm’s 50-day simple moving average is $140.89 and its 200 day simple moving average is $108.89. The stock has a market cap of $7.22 billion, a PE ratio of -22.77 and a beta of 1.80.

In other news, Director Henry J. Fuchs sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $131.38, for a total transaction of $1,313,800.00. Following the completion of the transaction, the director now owns 12,000 shares in the company, valued at approximately $1,576,560. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 4.10% of the company’s stock.

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Mirati Therapeutics by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 3,449,202 shares of the biotechnology company’s stock valued at $393,796,000 after purchasing an additional 45,764 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Mirati Therapeutics by 15.9% in the first quarter. Principal Financial Group Inc. now owns 17,248 shares of the biotechnology company’s stock worth $1,326,000 after buying an additional 2,364 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Mirati Therapeutics by 15.3% in the first quarter. Geode Capital Management LLC now owns 509,054 shares of the biotechnology company’s stock worth $39,130,000 after buying an additional 67,561 shares during the period. UBS Group AG boosted its holdings in shares of Mirati Therapeutics by 56.9% in the second quarter. UBS Group AG now owns 24,713 shares of the biotechnology company’s stock worth $2,822,000 after buying an additional 8,959 shares during the period. Finally, TD Asset Management Inc. boosted its holdings in shares of Mirati Therapeutics by 11.0% in the second quarter. TD Asset Management Inc. now owns 25,190 shares of the biotechnology company’s stock worth $2,876,000 after buying an additional 2,500 shares during the period.

About Mirati Therapeutics

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

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