Cantor Fitzgerald Reiterates Their Hold Rating on Mirati Therapeutics (MRTX)

By Ryan Adsit

Cantor Fitzgerald analyst Varun Kumar reiterated a Hold rating on Mirati Therapeutics (MRTXResearch Report) yesterday and set a price target of $66. The company’s shares closed yesterday at $59.49.

Kumar noted:

“: We reiterate our Neutral rating and 12-month PT of $66/ share. We are updating our model to reflect 1Q19 financial results. The company issued a press release for its 1Q19 financial results yesterday (4/29) after market close and provided pipeline updates, which were mostly in line with expectations. Overall, the near-term focus should be on AMGN’s (N, covered by A. Young) KRASi AMG510 first clinical data, which are planned for an oral presentation on 6/3 at ASCO. In the MRTX pipeline, a Phase III study for the lead asset sitravatinib (in IO-progressed NSCLC) is on track to initiate in 2Q19, and first clinical data from the KRASi asset MRTX849 are still expected in 2H19.”

According to TipRanks.com, Kumar is ranked #2776 out of 5198 analysts.

Mirati Therapeutics has an analyst consensus of Moderate Buy, with a price target consensus of $80.71, implying a 35.7% upside from current levels. In a report issued on April 17, J.P. Morgan also initiated coverage with a Hold rating on the stock.

See today’s analyst top recommended stocks >>

Based on Mirati Therapeutics’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $28.27 million. In comparison, last year the company had a GAAP net loss of $14.71 million.

Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is negative on the stock.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Mirati Therapeutics, Inc. is a clinical-stage oncology company, which engages in developing a pipeline of oncology products to treat genetic, immunological and epigenetic drivers of cancer in subsets of cancer patients. Its clinical pipeline consists of glesatinib, sitravatinib and mocetinostat.