B. Riley Brokers Decrease Earnings Estimates for Mirati Therapeutics, Inc. (NASDAQ:MRTX)

Mirati Therapeutics, Inc. (NASDAQ:MRTXGet Rating) – B. Riley cut their Q1 2023 earnings estimates for shares of Mirati Therapeutics in a report released on Sunday, January 22nd. B. Riley analyst K. Patel now expects that the biotechnology company will earn ($3.33) per share for the quarter, down from their prior estimate of ($3.32). B. Riley currently has a “Neutral” rating and a $56.00 target price on the stock. The consensus estimate for Mirati Therapeutics’ current full-year earnings is ($13.50) per share. B. Riley also issued estimates for Mirati Therapeutics’ Q2 2023 earnings at ($3.30) EPS, Q3 2023 earnings at ($3.27) EPS, Q4 2023 earnings at ($3.23) EPS, FY2023 earnings at ($13.12) EPS and FY2024 earnings at ($10.10) EPS.

Mirati Therapeutics (NASDAQ:MRTXGet Rating) last released its quarterly earnings data on Tuesday, November 8th. The biotechnology company reported ($3.09) EPS for the quarter, topping the consensus estimate of ($3.46) by $0.37. Mirati Therapeutics had a negative return on equity of 60.40% and a negative net margin of 6,253.81%. The firm had revenue of $5.43 million for the quarter, compared to the consensus estimate of $4.72 million.

Several other brokerages have also recently issued reports on MRTX. Citigroup cut shares of Mirati Therapeutics from a “buy” rating to a “neutral” rating and cut their target price for the stock from $121.00 to $53.00 in a report on Friday, December 9th. StockNews.com raised shares of Mirati Therapeutics to a “sell” rating in a report on Friday, January 13th. Piper Sandler upped their price objective on shares of Mirati Therapeutics from $84.00 to $87.00 in a research note on Tuesday, December 13th. Morgan Stanley dropped their target price on shares of Mirati Therapeutics from $70.00 to $60.00 and set an “equal weight” rating for the company in a report on Wednesday, December 14th. Finally, BMO Capital Markets lowered shares of Mirati Therapeutics from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $110.00 to $59.00 in a report on Thursday, December 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $82.13.

Mirati Therapeutics Stock Performance

MRTX opened at $49.36 on Wednesday. The stock’s 50 day simple moving average is $56.60 and its 200 day simple moving average is $66.49. Mirati Therapeutics has a 1 year low of $32.96 and a 1 year high of $124.81.

Hedge Funds Weigh In On Mirati Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank Julius Baer & Co. Ltd Zurich increased its stake in shares of Mirati Therapeutics by 41.7% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,481 shares of the biotechnology company’s stock valued at $167,000 after purchasing an additional 730 shares in the last quarter. Virtus ETF Advisers LLC increased its position in shares of Mirati Therapeutics by 77.3% during the second quarter. Virtus ETF Advisers LLC now owns 1,975 shares of the biotechnology company’s stock valued at $133,000 after acquiring an additional 861 shares in the last quarter. Wipfli Financial Advisors LLC bought a new stake in shares of Mirati Therapeutics during the third quarter valued at approximately $42,000. Credit Suisse AG increased its position in shares of Mirati Therapeutics by 0.3% during the second quarter. Credit Suisse AG now owns 442,710 shares of the biotechnology company’s stock valued at $29,719,000 after acquiring an additional 1,123 shares in the last quarter. Finally, US Bancorp DE increased its position in shares of Mirati Therapeutics by 77.5% during the second quarter. US Bancorp DE now owns 3,369 shares of the biotechnology company’s stock valued at $227,000 after acquiring an additional 1,471 shares in the last quarter.

Insider Buying and Selling

In related news, Director Julie M. Cherrington sold 2,546 shares of the stock in a transaction dated Wednesday, January 18th. The shares were sold at an average price of $44.66, for a total value of $113,704.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Mirati Therapeutics news, Director Julie M. Cherrington sold 2,546 shares of the firm’s stock in a transaction that occurred on Wednesday, January 18th. The shares were sold at an average price of $44.66, for a total transaction of $113,704.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David D. Meek sold 3,179 shares of the firm’s stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $42.38, for a total transaction of $134,726.02. Following the transaction, the chief executive officer now directly owns 61,792 shares of the company’s stock, valued at approximately $2,618,744.96. The disclosure for this sale can be found here. Insiders sold a total of 103,593 shares of company stock valued at $8,465,677 over the last three months. Corporate insiders own 3.47% of the company’s stock.

About Mirati Therapeutics

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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 develops MRTX849, a KRAS G12C inhibitor, which is in Phase 1/2 clinical trial for treating non-small cell lung (NSCL), colorectal, pancreatic, and other cancers; and Sitravatinib, an investigational spectrum-selective kinase inhibitor that is in Phase 3 clinical trial for the treatment of NSCL cancer, as well as a KRAS G12D inhibitor program, which is in preclinical development.

Further Reading

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

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