JonesTrading analyst Soumit Roy reiterated a Buy rating on Mirati Therapeutics (MRTX) today. The company’s shares closed yesterday at $99, close to its 52-week high of $109.64.
Roy commented:
“Amgen’s (AMGN, Not Rated) 2Q earnings updates provided clear indications of KRAS G12C inhibitor working also in colorectal cancer, in addition to NSCLC. Management mentioned that clinical responses were observed in colorectal and appendiceal cancer patients at 960 mg dose level – Amgen’s detailed data with AMG 510 at World Lung (WCLC, September 7-10, Barcelona). Mirati is expected to present their KRASi, MRTX849, data at the triple meeting (October 26-30, Boston).”
According to TipRanks.com, Roy is ranked 0 out of 5 stars with an average return of -19.6% and a 19.2% success rate. Roy covers the Healthcare sector, focusing on stocks such as Neon Therapeutics Inc, Surface Oncology Inc, and Vascular Biogenics.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Mirati Therapeutics with a $111.50 average price target.
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The company has a one-year high of $109.64 and a one-year low of $28.50. Currently, Mirati Therapeutics has an average volume of 743.4K.
Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Boxer Capital, Llc, a Major Shareholder at MRTX sold 725,008 shares for a total of $71,268,328.
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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.
