Mirati Therapeutics (MRTX) Receives a Hold from Cantor Fitzgerald

By Carrie Williams

Mirati Therapeutics (MRTXResearch Report) received a Hold rating and a $66 price target from Cantor Fitzgerald analyst Varun Kumar today. The company’s shares opened today at $72.37, close to its 52-week high of $79.31.

Kumar observed:

“: We are initiating coverage of Neutral rating and 12-month price target of $66/share. Mirati shares are +300% since +70% YTD. We believe that current Street estimates reflect high expectations around the novel KRASi asset, and do not fully appreciate potential clinical, regulatory and commercial risks associated with the lead asset sitravatinib. KRASi asset will remain the near-term focus where first clinical data from Amgen (Neutral, covered by A. Young) (by mid-19) and Mirati (in 2H19) will each garner huge investor interest.”

According to TipRanks.com, Kumar is ranked #3090 out of 5233 analysts.

Currently, the analyst consensus on Mirati Therapeutics is a Moderate Buy with an average price target of $78, representing a 7.8% upside. In a report released today, Citigroup also downgraded the stock to Hold with a $77 price target.

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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 $17.9 million.

Based on the recent corporate insider activity of 23 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MRTX in relation to earlier this year.

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.