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 $52.50, close to its 52-week high of $54.64.
Cann commented:
“We cover Mirati Therapeutics, a development-stage biotechnology company working in lung and renal cell cancers, with an Outperform rating and are increasing our price target to account for an increased average forward price-to-sales multiple of the biotechnology sector.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 26.5% and a 61.3% success rate. Cann covers the Healthcare sector, focusing on stocks such as Miragen Therapeutics Inc, CytomX Therapeutics Inc, and Crispr Therapeutics AG.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Mirati Therapeutics with a $45.67 average price target, which is a -13.0% downside from current levels. In a report issued on June 26, Cowen & Co. also reiterated a Buy rating on the stock.
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Based on Mirati Therapeutics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $14.71 million. In comparison, last year the company had a GAAP net loss of $18.34 million.
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. Most recently, in April 2018, Isan Chen, the EVP, Chief Medical Officer of MRTX bought 13,038 shares for a total of $220,817.
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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.
