Cann reiterated their buy rating on shares of Mirati Therapeutics (NASDAQ:MRTX) in a research note released on Tuesday, The Fly reports. They currently have a $57.00 price objective on the biotechnology company’s stock, down from their previous price objective of $62.00.
“Loss per share was $0.85, compared to our estimated loss of $0.84. Operating expenses were 13% higher than our estimate, but were offset by higher interest income and higher number of shares outstanding, both due to the equity offering. Our revenue outlook for 2018-2023 is unchanged. We are increasing our estimate of operating expenses 6.3% in 2018 and expenses are unchanged for 2019-2023. We are increasing our estimated 2018 loss per share by 1.4% and, due to higher shares outstanding, we are decreasing our estimated loss per share in 2019-2022, by 8.1-8.5% per year. We are decreasing 2023 EPS by 2.2%.”,” the firm’s analyst wrote.
Several other equities analysts have also recently commented on the company. Cowen reaffirmed a buy rating on shares of Mirati Therapeutics in a report on Thursday, September 27th. Oppenheimer increased their target price on Mirati Therapeutics from $35.00 to $62.00 and gave the stock an outperform rating in a report on Monday, July 9th. Guggenheim raised Mirati Therapeutics from a neutral rating to a buy rating in a report on Monday, October 29th. HC Wainwright increased their target price on Mirati Therapeutics to $63.00 and gave the stock a buy rating in a report on Friday, July 20th. Finally, BidaskClub cut Mirati Therapeutics from a buy rating to a hold rating in a report on Thursday, October 11th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $51.29.
Mirati Therapeutics (NASDAQ:MRTX) last issued its earnings results on Tuesday, November 6th. The biotechnology company reported ($0.85) EPS for the quarter, beating analysts’ consensus estimates of ($0.87) by $0.02. On average, analysts anticipate that Mirati Therapeutics will post -3.17 EPS for the current fiscal year.
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 sale, the chief executive officer now directly owns 102,742 shares in the company, valued at approximately $5,912,802.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.86% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MRTX. BlackRock Inc. grew its position in Mirati Therapeutics by 128.8% during the 2nd quarter. BlackRock Inc. now owns 1,451,214 shares of the biotechnology company’s stock worth $71,544,000 after acquiring an additional 816,980 shares during the last quarter. FMR LLC boosted its position in Mirati Therapeutics by 67.5% in the 2nd quarter. FMR LLC now owns 1,986,315 shares of the biotechnology company’s stock valued at $97,926,000 after buying an additional 800,223 shares during the last quarter. Janus Henderson Group PLC bought a new position in Mirati Therapeutics in the 2nd quarter valued at $32,639,000. OppenheimerFunds Inc. bought a new position in Mirati Therapeutics in the 2nd quarter valued at $26,072,000. Finally, Jennison Associates LLC boosted its position in Mirati Therapeutics by 62.4% in the 3rd quarter. Jennison Associates LLC now owns 998,504 shares of the biotechnology company’s stock valued at $47,030,000 after buying an additional 383,785 shares during the last quarter. Institutional investors and hedge funds own 97.66% 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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