Mirati Therapeutics Inc (NASDAQ:MRTX) saw a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 5,420,000 shares, a growth of 7.8% from the October 31st total of 5,030,000 shares. Based on an average daily volume of 663,600 shares, the days-to-cover ratio is currently 8.2 days. Approximately 14.0% of the company’s stock are short sold.
Several equities analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Mirati Therapeutics from a “sell” rating to a “hold” rating in a research note on Thursday, November 21st. Cantor Fitzgerald upped their target price on shares of Mirati Therapeutics from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Cowen restated a “buy” rating on shares of Mirati Therapeutics in a research note on Friday, October 18th. BidaskClub cut shares of Mirati Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, November 21st. Finally, JPMorgan Chase & Co. cut shares of 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 note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $105.67.
Shares of NASDAQ:MRTX traded up $1.33 during trading on Friday, hitting $100.77. The company’s stock had a trading volume of 182,487 shares, compared to its average volume of 624,062. The company has a 50-day moving average of $89.84 and a 200-day moving average of $90.42. Mirati Therapeutics has a 12 month low of $34.39 and a 12 month high of $111.99. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of -31.59 and a beta of 2.05.
Mirati Therapeutics (NASDAQ:MRTX) last issued its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.38) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.25) by ($0.13). Mirati Therapeutics had a negative return on equity of 48.60% and a negative net margin of 2,698.66%. The business had revenue of $0.99 million during the quarter, compared to the consensus estimate of $0.50 million. On average, equities research analysts forecast that Mirati Therapeutics will post -5.36 EPS for the current year.
In other Mirati Therapeutics news, Director Michael G. Grey sold 3,042 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $102.44, for a total transaction of $311,622.48. Following the transaction, the director now owns 5,298 shares in the company, valued at approximately $542,727.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce L. A. Carter sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $94.74, for a total transaction of $284,220.00. Following the transaction, the director now owns 3,000 shares in the company, valued at approximately $284,220. The disclosure for this sale can be found here. Corporate insiders own 4.86% of the company’s stock.
Several large investors have recently modified their holdings of MRTX. Perceptive Advisors LLC lifted its stake in shares of Mirati Therapeutics by 149.0% in the 2nd quarter. Perceptive Advisors LLC now owns 2,899,606 shares of the biotechnology company’s stock worth $298,659,000 after purchasing an additional 1,735,224 shares during the period. Vanguard Group Inc. lifted its stake in shares of Mirati Therapeutics by 36.8% in the 2nd quarter. Vanguard Group Inc. now owns 2,984,506 shares of the biotechnology company’s stock worth $307,404,000 after purchasing an additional 802,468 shares during the period. Invesco Ltd. lifted its stake in shares of Mirati Therapeutics by 329.7% in the 2nd quarter. Invesco Ltd. now owns 1,002,795 shares of the biotechnology company’s stock worth $103,288,000 after purchasing an additional 769,429 shares during the period. Orbimed Advisors LLC bought a new position in shares of Mirati Therapeutics in the 3rd quarter worth approximately $41,693,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Mirati Therapeutics by 792.6% in the 2nd quarter. Renaissance Technologies LLC now owns 449,000 shares of the biotechnology company’s stock worth $46,247,000 after purchasing an additional 398,700 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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