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Mirati Therapeutics (MRTX) Gets a Buy Rating from Oppenheimer


Oppenheimer analyst Leah R. Cann maintained a Buy rating on Mirati Therapeutics (MRTX) today and set a price target of $57. The company’s shares closed yesterday at $41.93.

Cann wrote:

“This clinical trial sponsored by BeiGene could provide proof of concept clinical data in multiple solid tumor types that are not in our current outlook. In addition, it will be a source of additional data for how sitravatinib combines with a checkpoint inhibitor. The collaboration can provide up to $133 million in milestones to Mirati. We are not making any changes to our outlook at this time.”

According to TipRanks.com, Cann is a 4-star analyst with an average return of 5.4% and a 41.8% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.

Currently, the analyst consensus on Mirati Therapeutics is a Strong Buy with an average price target of $62.33, representing a 48.7% upside. In a report issued on October 29, Guggenheim also upgraded the stock to Buy with a $65 price target.

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Based on Mirati Therapeutics’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $27.57 million. In comparison, last year the company had a GAAP net loss of $16.35 million.

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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.