Mirati Therapeutics, Inc. (MRTX) Stock Price Down 9.2% on Insider Selling
Mirati Therapeutics, Inc. (NASDAQ:MRTX)’s share price traded down 9.2% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $17.10 and last traded at $17.25. 914,000 shares changed hands during mid-day trading, an increase of 65% from the average session volume of 553,326 shares. The stock had previously closed at $19.00.
Specifically, SVP Jamie Christensen sold 10,275 shares of the firm’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $18.00, for a total transaction of $184,950.00. Following the completion of the sale, the senior vice president now directly owns 12,670 shares of the company’s stock, valued at approximately $228,060. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Venbio Select Advisor Llc purchased 650,000 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were purchased at an average cost of $13.00 per share, with a total value of $8,450,000.00. The disclosure for this purchase can be found here. Insiders have sold a total of 22,544 shares of company stock valued at $355,176 over the last ninety days. Company insiders own 5.10% of the company’s stock.
A number of research analysts have recently commented on MRTX shares. Zacks Investment Research lowered Mirati Therapeutics from a “hold” rating to a “sell” rating in a report on Thursday, October 5th. HC Wainwright reissued a “buy” rating on shares of Mirati Therapeutics in a report on Tuesday, November 7th. ValuEngine raised Mirati Therapeutics from a “strong sell” rating to a “sell” rating in a report on Friday, September 15th. Oppenheimer Holdings, Inc. started coverage on Mirati Therapeutics in a report on Monday, September 18th. They set an “outperform” rating and a $18.00 price objective on the stock. Finally, Leerink Swann raised Mirati Therapeutics from a “market perform” rating to an “outperform” rating and set a $9.00 price objective on the stock in a report on Tuesday, November 14th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $13.71.
Mirati Therapeutics (NASDAQ:MRTX) last released its earnings results on Wednesday, November 1st. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.81) by $0.16. analysts expect that Mirati Therapeutics, Inc. will post -2.78 EPS for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new stake in Mirati Therapeutics in the 3rd quarter valued at approximately $668,000. OxFORD Asset Management LLP acquired a new stake in Mirati Therapeutics in the 3rd quarter valued at approximately $365,000. Dimensional Fund Advisors LP grew its holdings in Mirati Therapeutics by 68.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 336,667 shares of the biotechnology company’s stock valued at $3,939,000 after buying an additional 137,104 shares during the last quarter. Citadel Advisors LLC acquired a new stake in Mirati Therapeutics in the 3rd quarter valued at approximately $268,000. Finally, Sabby Management LLC grew its holdings in Mirati Therapeutics by 2.1% in the 2nd quarter. Sabby Management LLC now owns 255,100 shares of the biotechnology company’s stock valued at $921,000 after buying an additional 5,365 shares during the last quarter. 59.80% of the stock is currently owned by hedge funds and other institutional investors.
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Mirati Therapeutics Company Profile
Mirati Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of oncology products. The companys clinical stage product candidates include glesatinib, an orally-bioavailable, potent, small molecule kinase inhibitor that is in Phase II clinical trials for the treatment of non-small cell lung cancer (NSCLC) patients with genetic alterations of MET; and in Phase Ib clinical trials in patients with genetic alterations of MET and Axl in NSCLC and other solid tumors.
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