Oppenheimer analyst Leah R. Cann maintained a Buy rating on Mirati Therapeutics (NASDAQ: MRTX) yesterday and set a price target of $62. The company’s shares closed on Friday at $59.95, close to its 52-week high of $65.35.
Cann wrote:
“The data at ACS were the first results presented for Mirati’s orally active series of covalent inhibitors of KRAS G12C. These preclinical data were very encouraging and support our outlook. 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 39.6% of Mirati’s estimated 2023 sales.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 20.5% and a 53.5% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Mirati Therapeutics with a $68.40 average price target.
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Based on Mirati Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $27.87 million. In comparison, last year the company had a GAAP net loss of $18.34 million.
Based on the recent corporate insider activity of 26 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. Last month, Isan Chen, the EVP, Chief Medical Officer of MRTX bought 1,867 shares for a total of $39,032.
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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.
