StockNews.com Begins Coverage on Mirati Therapeutics NASDAQ:MRTX

StockNews.com has started to provide analyst coverage of Mirati Therapeutics, a biotechnology firm specializing in cancer therapies, under the ticker NASDAQ:MRTX. The company, based in San Diego, focuses on developing drugs that target the genetic and immunological factors that promote cancer growth. Initially, analysts at StockNews.com have given MRTX a "sell" rating.

Recent Analyst Ratings

Analyst coverage of MRTX extends beyond StockNews.com, with multiple firms recently issuing reports. Piper Sandler adjusted their rating from "overweight" to "neutral," alongside a price target revision to $58.00. B. Riley followed a similar trend, downgrading their recommendation to "neutral" and lowering their price target from $65.00 to $60.00. On the other hand, Stifel Nicolaus maintained a "hold" status, but reduced the price objective to $59.00, a decrease from an earlier $83.00. Morgan Stanley set an "equal weight" rating, with a decreased price objective of $37.00. Oppenheimer remained positive, increasing their target price from $56.00 to $62.00 and affording an "outperform" rating. In a collective analysis, MarketBeat indicates that MRTX has an average rating of "Hold" and a consensus target price of $59.60.

Financial Performance and Stock Metrics

MRTX opened at $56.29 prior to the coverage, having a 50-day moving average of $47.75 and a 200-day moving average of $41.71. With a market capitalization of approximately $3.95 billion, the company shows a price-to-earnings ratio of -4.61 and a beta of 0.72. The lowest recorded price over the last year was $27.30, with the highest being $101.30. The latest quarterly earnings report, issued on November 6th, details an earnings per share (EPS) of ($2.49), surpassing the consensus estimate of ($2.83) by $0.34. Revenue for the quarter stood at $16.40 million, as opposed to analyst expectations of $18.80 million. Compared to the same quarter in the previous year, revenue upsurged by 203.7%, even though the company experienced a negative net margin of 1,900.65% and a negative return on equity of 82.15%. Equity analysts predict that Mirati Therapeutics will post an EPS of -11.81 for the current fiscal year.

Insider and Institutional Movements

Insider activity includes a notable sale by EVP Jamie Christensen, who disposed of 2,388 shares at an average price of $35.63, for a total transaction value of $85,084.44. Post-sale, Christensen maintains ownership of 144,032 shares, valued approximately at $5,131,860.16. Meanwhile, institutional investors have seen varied adjustments in their positions, with some increasing their holdings significantly, as evidenced by investments from firms like Signaturefd LLC and Quent Capital LLC.

Company Overview

MRTX engages in oncology therapeutics with commercial-stage products offering targeted treatments. One of their leading products is KRAZATI, specifically for the treatment of adults with KRAS G12C-mutated non-small cell lung cancer (NSCLC).

Turning attention to FHN, First Horizon Corporation operates as a banking holding company for First Horizon Bank and provides assorted financial services. Based out of Memphis, Tennessee, FHN encompasses a wide range of banking operations, wealth management, and other financial activities.

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