Mirati Therapeutics’ (MRTX) “Buy” Rating Reaffirmed at Cowen

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Cowen restated their buy rating on shares of Mirati Therapeutics (NASDAQ:MRTX) in a research report sent to investors on Thursday.

Several other equities analysts have also recently commented on MRTX. Citigroup boosted their target price on Mirati Therapeutics from $23.00 to $37.00 and gave the stock a buy rating in a research report on Monday, March 5th. SunTrust Banks boosted their target price on Mirati Therapeutics to $40.00 and gave the stock a buy rating in a research report on Friday, March 9th. Barclays initiated coverage on Mirati Therapeutics in a research report on Monday, March 12th. They set an overweight rating and a $44.00 target price for the company. HC Wainwright boosted their target price on Mirati Therapeutics to $40.00 and gave the stock a buy rating in a research report on Monday, March 12th. Finally, Zacks Investment Research cut Mirati Therapeutics from a hold rating to a sell rating in a research report on Thursday, March 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $27.67.

Mirati Therapeutics stock opened at $49.30 on Thursday. Mirati Therapeutics has a 52 week low of $3.10 and a 52 week high of $53.50.

Mirati Therapeutics (NASDAQ:MRTX) last posted its earnings results on Monday, May 7th. The biotechnology company reported ($0.51) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.63) by $0.12. The business had revenue of $9.47 million for the quarter, compared to analysts’ expectations of $10.00 million. equities analysts anticipate that Mirati Therapeutics will post -2.86 earnings per share for the current fiscal year.

In other news, major shareholder Venbio Select Advisor Llc purchased 400,000 shares of the company’s stock in a transaction on Monday, June 11th. The stock was purchased at an average price of $38.85 per share, with a total value of $15,540,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Boxer Capital, Llc purchased 193,050 shares of the company’s stock in a transaction on Thursday, June 7th. The shares were purchased at an average cost of $38.85 per share, with a total value of $7,499,992.50. The disclosure for this purchase can be found here. Insiders own 4.86% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Quantbot Technologies LP bought a new stake in shares of Mirati Therapeutics in the 1st quarter valued at about $157,000. Cubist Systematic Strategies LLC bought a new stake in shares of Mirati Therapeutics in the 1st quarter valued at about $193,000. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Mirati Therapeutics in the 4th quarter valued at about $207,000. Schwab Charles Investment Management Inc. bought a new stake in shares of Mirati Therapeutics in the 1st quarter valued at about $239,000. Finally, Sofinnova Ventures Inc bought a new stake in shares of Mirati Therapeutics in the 1st quarter valued at about $267,000. 84.77% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Mirati Therapeutics (NASDAQ:MRTX)

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