In a report released yesterday, Leah R. Cann from Oppenheimer maintained a Buy rating on Mirati Therapeutics (MRTX), with a price target of $65. The company’s shares closed yesterday at $64.80, close to its 52-week high of $66.73.
Cann said:
“Mirati’s dosing of the first patient in its phase I/II study for its KRAS G12C program is in line with prior guidance. The initiation of this study, along with recent encouraging data from the first preclinical results for this KRAS G12C inhibitor, supports our outlook. G12C positive mutations occur in many patients with NSCLC and CRC tumors, and in other solid tumors, including pancreatic cancer. Mirati’s KRAS program could be a contributor in 2023, with 1.7% market penetration in both KRAS-G12C mutant non- small cell lung cancer and colorectal cancer, resulting in $650.7 million in 2023 sales, or 54% of Mirati’s estimated 2023 sales.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 10.6% and a 51.7% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.
Mirati Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $56, representing a -13.6% downside. In a report issued on January 8, H.C. Wainwright also maintained a Buy rating on the stock 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 $17.9 million.
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.
