Mirati Therapeutics (MRTX) Received its Third Buy in a Row

After H.C. Wainwright and J.P. Morgan gave Mirati Therapeutics (NASDAQ: MRTX) a Buy rating last month, the company received another Buy, this time from Evercore ISI. Analyst Umer Raffat maintained a Buy rating on Mirati Therapeutics yesterday. The company’s shares closed last Monday at $147.63.

According to TipRanks.com, Raffat is a 2-star analyst with an average return of 1.0% and a 54.0% success rate. Raffat covers the Healthcare sector, focusing on stocks such as Phathom Pharmaceuticals, Kodiak Sciences, and Vor Biopharma.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Mirati Therapeutics with a $241.57 average price target, which is a 63.0% upside from current levels. In a report issued on April 26, Credit Suisse also initiated coverage with a Buy rating on the stock with a $285.00 price target.

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Based on Mirati Therapeutics’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $1.71 million and GAAP net loss of $102 million. In comparison, last year the company earned revenue of $267K and had a GAAP net loss of $86.66 million.

Based on the recent corporate insider activity of 95 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

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