H.C. Wainwright analyst Edward White maintained a Buy rating on Mirati Therapeutics (MRTX) today and set a price target of $117. The company’s shares closed yesterday at $98.03, close to its 52-week high of $99.37.
White wrote:
“We are raising our price target to $117 from $84 due to the positive KRAS12GC data presented at ASCO that we believe bodes well for MRTX849. Our $117 price target is based on a sum-of-the-parts analysis determined by probability adjusted revenue forecasts for sitravatinib and MRTX849. We use the net present value of our revenue forecast through 2027, apply a 50% probability of success (POS) for sitravatinib in combination with checkpoint inhibitors, a 45% POS for sitravatinib monotherapy, 20% POS for MRTX849, and our YE19 fully diluted net cash estimate of $4.17/share to arrive at our price target.”
According to TipRanks.com, White is a 5-star analyst with an average return of 16.0% and a 48.9% success rate. White covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Aeglea Biotherapeutics Inc, and Spectrum Pharmaceuticals.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Mirati Therapeutics with a $107.67 average price target, which is a 9.8% upside from current levels. In a report released yesterday, Cowen & Co. also maintained a Buy rating on the stock.
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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.
