Mirati Therapeutics (MRTX) Sees Unusually-High Trading Volume on Analyst Upgrade
Mirati Therapeutics, Inc. (NASDAQ:MRTX) shares saw unusually-high trading volume on Friday after SunTrust Banks raised their price target on the stock to $40.00. SunTrust Banks currently has a buy rating on the stock. Approximately 846,336 shares changed hands during mid-day trading, an increase of 86% from the previous session’s volume of 455,947 shares.The stock last traded at $34.60 and had previously closed at $34.60.
Other research analysts have also issued reports about the company. Citigroup increased their price objective on Mirati Therapeutics from $23.00 to $37.00 and gave the company a “buy” rating in a report on Monday, March 5th. BidaskClub raised Mirati Therapeutics from a “hold” rating to a “buy” rating in a report on Tuesday, January 16th. HC Wainwright increased their price objective on Mirati Therapeutics from $17.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Oppenheimer set a $18.00 price objective on Mirati Therapeutics and gave the company a “buy” rating in a report on Monday, January 8th. Finally, Cann reissued a “buy” rating and issued a $18.00 price objective on shares of Mirati Therapeutics in a report on Monday, January 8th. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Mirati Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $20.75.
In other news, CFO Jamie A. Donadio sold 51,875 shares of the company’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $27.13, for a total value of $1,407,368.75. Following the sale, the chief financial officer now owns 9,375 shares in the company, valued at $254,343.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jamie Christensen sold 14,725 shares of the company’s stock in a transaction dated Thursday, January 11th. The stock was sold at an average price of $22.99, for a total value of $338,527.75. Following the completion of the sale, the senior vice president now owns 6,395 shares in the company, valued at approximately $147,021.05. The disclosure for this sale can be found here. Insiders sold 112,914 shares of company stock worth $3,054,250 in the last 90 days. Company insiders own 5.10% of the company’s stock.
The stock has a market capitalization of $895.70, a PE ratio of -12.40 and a beta of 2.06.
Mirati Therapeutics (NASDAQ:MRTX) last issued its quarterly earnings results on Thursday, March 8th. The biotechnology company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.06). sell-side analysts expect that Mirati Therapeutics, Inc. will post -2.49 earnings per share for the current year.
About Mirati Therapeutics
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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