After Piper Jaffray and H.C. Wainwright gave Mirati Therapeutics (NASDAQ: MRTX) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Jay Olson maintained a Buy rating on Mirati Therapeutics today and set a price target of $81. The company’s shares opened today at $65.90.
Olson observed:
“MRTX reported 4Q earnings with EPS ($0.87) in line with consensus and YE18 cash of $222.8M, and completed a public equity offering with net proceeds of $107.9M in January. The business update included a focus on sitravatinib and KRAS (MRTX849) programs: 1) preparations for Ph3 initiation of sitravatinib+nivo in 2L NSCLC post checkpoint inhibitors are on track (initiation in 2Q19); 2) sitravatinib+nivo in 2L+ bladder cancer Ph2 trial is progressing and data could be available in 2H19; 3) Ph2 combination data with sitravatinib+tislelizumab (BGNE) in several solid tumors in China 2H19. Bridging this data to other markets may allow for a “sitravatinib+any PD-1″ label eventually; and 4) Ph1 MRTX849 (KRAS) data in fall 2019, which could include the molecular structure and data from dose escalation/expansion.”
According to TipRanks.com, Olson is ranked 0 out of 5 stars with an average return of -5.3% and a 38.1% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Enanta Pharmaceuticals, and Spero Therapeutics Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Mirati Therapeutics with a $78 average price target, a 18.4% upside from current levels. In a report issued on March 1, H.C. Wainwright also maintained a Buy rating on the stock with a $85 price target.
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The company has a one-year high of $79.31 and a one-year low of $24.65. Currently, Mirati Therapeutics has an average volume of 686.7K.
Based on the recent corporate insider activity of 25 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.
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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.
