Cowen & Co. Reaffirms Their Buy Rating on Mirati Therapeutics (MRTX)

By Carrie Williams

In a report released today, Chris Shibutani from Cowen & Co. reiterated a Buy rating on Mirati Therapeutics (MRTXResearch Report). The company’s shares closed yesterday at $67.18.

According to TipRanks.com, Shibutani is a 3-star analyst with an average return of 1.5% 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.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Mirati Therapeutics with a $84 average price target, which is a 25.0% upside from current levels. In a report issued on May 1, H.C. Wainwright also maintained a Buy rating on the stock with a $84 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 26 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.