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Mirati Therapeutics, Inc. (NASDAQ:MRTX – Get Rating) was the target of a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 9,880,000 shares, an increase of 30.0% from the November 30th total of 7,600,000 shares. Based on an average daily volume of 1,670,000 shares, the short-interest ratio is currently 5.9 days.
Mirati Therapeutics Stock Performance
Shares of NASDAQ MRTX opened at $45.31 on Monday. The stock’s 50 day moving average price is $64.10 and its two-hundred day moving average price is $68.96. Mirati Therapeutics has a 52-week low of $32.96 and a 52-week high of $151.15.
Mirati Therapeutics (NASDAQ:MRTX – Get Rating) last announced its quarterly earnings results on Tuesday, November 8th. The biotechnology company reported ($3.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.46) by $0.37. The business had revenue of $5.43 million for the quarter, compared to analysts’ expectations of $4.72 million. Mirati Therapeutics had a negative return on equity of 60.40% and a negative net margin of 6,253.81%. On average, analysts anticipate that Mirati Therapeutics will post -13.5 EPS for the current year.
Insider Activity
In other news, EVP Jamie Christensen sold 1,726 shares of Mirati Therapeutics stock in a transaction on Friday, December 2nd. The stock was sold at an average price of $90.19, for a total value of $155,667.94. Following the completion of the sale, the executive vice president now owns 104,482 shares of the company’s stock, valued at $9,423,231.58. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Jamie Christensen sold 1,726 shares of Mirati Therapeutics stock in a transaction on Friday, December 2nd. The stock was sold at an average price of $90.19, for a total value of $155,667.94. Following the completion of the sale, the executive vice president now owns 104,482 shares of the company’s stock, valued at $9,423,231.58. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO David D. Meek sold 4,616 shares of Mirati Therapeutics stock in a transaction on Wednesday, December 21st. The shares were sold at an average price of $40.41, for a total value of $186,532.56. Following the completion of the sale, the chief executive officer now directly owns 64,971 shares of the company’s stock, valued at approximately $2,625,478.11. The disclosure for this sale can be found here. Insiders sold a total of 87,938 shares of company stock valued at $7,766,551 over the last quarter. Company insiders own 3.47% of the company’s stock.
Institutional Trading of Mirati Therapeutics
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Arbitrage SNC raised its position in shares of Mirati Therapeutics by 1,212.2% during the 3rd quarter. BNP Paribas Arbitrage SNC now owns 62,528 shares of the biotechnology company’s stock worth $4,367,000 after purchasing an additional 57,763 shares during the period. Castleark Management LLC bought a new position in Mirati Therapeutics in the 3rd quarter worth approximately $1,715,000. Public Employees Retirement System of Ohio grew its holdings in Mirati Therapeutics by 0.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 21,594 shares of the biotechnology company’s stock worth $1,508,000 after buying an additional 170 shares in the last quarter. Algert Global LLC boosted its stake in Mirati Therapeutics by 66.1% during the 3rd quarter. Algert Global LLC now owns 19,605 shares of the biotechnology company’s stock valued at $1,369,000 after purchasing an additional 7,805 shares in the last quarter. Finally, Tang Capital Management LLC bought a new position in Mirati Therapeutics during the 3rd quarter valued at $1,397,000.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on MRTX shares. Bank of America lowered their price target on Mirati Therapeutics from $100.00 to $61.00 in a research report on Thursday, December 8th. SVB Leerink decreased their target price on Mirati Therapeutics from $85.00 to $75.00 and set an “outperform” rating for the company in a research report on Wednesday, December 14th. Needham & Company LLC assumed coverage on Mirati Therapeutics in a research report on Wednesday, December 14th. They issued a “hold” rating for the company. Stifel Nicolaus decreased their target price on Mirati Therapeutics to $73.00 in a research report on Friday, December 9th. Finally, Morgan Stanley decreased their target price on Mirati Therapeutics from $70.00 to $60.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 14th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $83.20.
About Mirati Therapeutics
(Get Rating)
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.
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