H.C. Wainwright analyst Edward White maintained a Buy rating on Mirati Therapeutics (MRTX) today and set a price target of $65. The company’s shares closed yesterday at $64.80, close to its 52-week high of $66.73.
White wrote:
“We derive our $65 price target from a sum-of-the-parts analysis based on probability-adjusted revenue forecasts for sitravatinib and mocetinostat. 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, 15% POS for mocetinostat, our YE2018 fully diluted net cash estimate of $4.79/share, and we value the early stage pipeline at $5.38/share to arrive at our price target.”
According to TipRanks.com, White is a 5-star analyst with an average return of 14.5% and a 47.1% success rate. White covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Spectrum Pharmaceuticals, and Synthetic Biologics Inc.
Currently, the analyst consensus on Mirati Therapeutics is a Strong Buy with an average price target of $58, which is a -10.5% downside from current levels. In a report released yesterday, Oppenheimer also assigned a Buy rating to the stock with a $65 price target.
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The company has a one-year high of $66.73 and a one-year low of $23.50. Currently, Mirati Therapeutics has an average volume of 752.6K.
Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is neutral on the stock. Most recently, in December 2018, Jamie Christensen, the EVP, Chief Scientific Officer of MRTX bought 5,169 shares for a total of $89,992.
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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.
