Mirati Therapeutics Inc to Post FY2019 Earnings of ($5.18) Per Share, Jefferies Financial Group Forecasts (NASDAQ:MRTX)
Mirati Therapeutics Inc (NASDAQ:MRTX) – Analysts at Jefferies Financial Group decreased their FY2019 earnings estimates for shares of Mirati Therapeutics in a report issued on Tuesday, November 5th. Jefferies Financial Group analyst M. Raycroft now expects that the biotechnology company will earn ($5.18) per share for the year, down from their previous estimate of ($4.90). Jefferies Financial Group currently has a “Buy” rating and a $105.00 target price on the stock. Jefferies Financial Group also issued estimates for Mirati Therapeutics’ Q4 2019 earnings at ($1.35) EPS, FY2020 earnings at ($4.96) EPS, FY2021 earnings at ($5.21) EPS and FY2022 earnings at ($2.84) EPS.
Mirati Therapeutics (NASDAQ:MRTX) last announced its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.38) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.25) by ($0.13). The firm had revenue of $0.99 million for the quarter, compared to analysts’ expectations of $0.50 million. Mirati Therapeutics had a negative return on equity of 48.60% and a negative net margin of 2,698.66%.
Shares of Mirati Therapeutics stock opened at $104.78 on Friday. The company has a market cap of $3.86 billion, a P/E ratio of -32.85 and a beta of 2.05. Mirati Therapeutics has a one year low of $34.39 and a one year high of $111.99. The firm has a fifty day moving average of $83.94 and a two-hundred day moving average of $87.18.
In other news, CEO Charles M. Baum sold 51,810 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $86.22, for a total value of $4,467,058.20. Following the completion of the transaction, the chief executive officer now owns 117,851 shares in the company, valued at approximately $10,161,113.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael G. Grey sold 3,042 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $92.27, for a total transaction of $280,685.34. Following the completion of the transaction, the director now owns 4,840 shares of the company’s stock, valued at approximately $446,586.80. The disclosure for this sale can be found here. Insiders sold a total of 57,852 shares of company stock valued at $5,015,464 in the last quarter. Insiders own 4.86% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in MRTX. Marshall Wace LLP increased its holdings in shares of Mirati Therapeutics by 2,326.5% in the 1st quarter. Marshall Wace LLP now owns 4,853 shares of the biotechnology company’s stock valued at $356,000 after purchasing an additional 4,653 shares in the last quarter. Xact Kapitalforvaltning AB increased its holdings in shares of Mirati Therapeutics by 43.8% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 4,600 shares of the biotechnology company’s stock valued at $474,000 after purchasing an additional 1,400 shares in the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Mirati Therapeutics by 2.5% in the 2nd quarter. Handelsbanken Fonder AB now owns 41,000 shares of the biotechnology company’s stock valued at $4,223,000 after purchasing an additional 1,000 shares in the last quarter. Rhenman & Partners Asset Management AB increased its holdings in shares of Mirati Therapeutics by 43.2% in the 2nd quarter. Rhenman & Partners Asset Management AB now owns 182,008 shares of the biotechnology company’s stock valued at $18,747,000 after purchasing an additional 54,915 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of Mirati Therapeutics in the 2nd quarter valued at about $154,000.
Mirati Therapeutics Company Profile
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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