Analyst Explains Why They Downgraded Their Rating on Mirati Therapeutics (MRTX)
Oppenheimer analyst Jay Olson downgraded Mirati Therapeutics (MRTX) to Hold yesterday and set a price target of $160.00. The company’s shares closed last Friday at $156.62.
According to TipRanks.com, Olson is a 3-star analyst with an average return of 4.1% and a 49.0% success rate. Olson covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals, Madrigal Pharmaceuticals, and Frequency Therapeutics.
Currently, the analyst consensus on Mirati Therapeutics is a Strong Buy with an average price target of $228.00.
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The company has a one-year high of $249.42 and a one-year low of $91.90. Currently, Mirati Therapeutics has an average volume of 512.5K.
Based on the recent corporate insider activity of 93 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MRTX in relation to earlier this year.
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Mirati Therapeutics, Inc. is a clinical-stage oncology company. The firm 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. The company was founded on December 13, 1995 and is headquartered in San Diego, CA.