Cowen & Co. Believes Mirati Therapeutics (NASDAQ: MRTX) Won’t Stop Here

By Austin Angelo

Cowen & Co. analyst Chris Shibutani maintained a Buy rating on Mirati Therapeutics (MRTXResearch Report) today. The company’s shares closed yesterday at $89.20, close to its 52-week high of $96.70.

According to TipRanks.com, Shibutani is a 3-star analyst with an average return of 2.1% and a 41.9% success rate. Shibutani covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Five Prime Therapeutics, and Pieris Pharmaceuticals.

Currently, the analyst consensus on Mirati Therapeutics is a Strong Buy with an average price target of $97, which is an 8.7% upside from current levels. In a report released today, Piper Jaffray also reiterated a Buy rating on the stock with a $125 price target.

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Based on Mirati Therapeutics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $40.91 million. In comparison, last year the company had a GAAP net loss of $14.71 million.

Based on the recent corporate insider activity of 30 insiders, corporate insider sentiment is negative on the stock.

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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.