Mirati Therapeutics Inc. [NASDAQ: MRTX] stock went on an upward path that rose over 8.76% on Thursday, amounting to a one-week price increase of more than 22.04%. The company report on October 28, 2020 that Mirati Therapeutics Announces Pricing Of Public Offering Of Common Stock.
Mirati Therapeutics, Inc. (Nasdaq: MRTX) today announced the pricing of an underwritten public offering of 4,335,397 shares of its common stock at a price to the public of $202.00 per share, which consists of 3,960,397 shares to be sold by Mirati and 375,000 shares to be sold by a selling stockholder. The aggregate gross proceeds to Mirati from this offering are expected to be approximately $800.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Mirati. The offering is expected to close on or about October 30, 2020, subject to customary closing conditions. Mirati has also granted the underwriters a 30-day option to purchase up to an additional 625,309 shares of common stock in connection with the public offering and the selling stockholder has granted the underwriters a 30-day option to purchase up to an additional 25,000 shares of common stock in connection with the public offering. Mirati will not receive any proceeds from the sale of common stock by the selling stockholder.
Mirati expects to use the net proceeds from this offering for general corporate purposes, including expenses related to the clinical and commercial development and manufacturing scale-up of adagrasib (MRTX849) and sitravatinib, the preclinical and clinical development of MRTX1133, a KRAS G12D inhibitor, and the development of other preclinical programs and the expansion of its organizational capabilities, including establishing commercial operations, and for working capital.
Over the last 12 months, MRTX stock rose by 131.82%. The one-year Mirati Therapeutics Inc. stock forecast points to a potential downside of -37.54. The average equity rating for MRTX stock is currently 2.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $9.80 billion, with 43.83 million shares outstanding and 40.85 million shares in the current float. Compared to the average trading volume of 480.33K shares, MRTX stock reached a trading volume of 1440802 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Mirati Therapeutics Inc. [MRTX]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MRTX shares is $159.93 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MRTX stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
BofA Securities have made an estimate for Mirati Therapeutics Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on September 28, 2020. While these analysts kept the previous recommendation, Citigroup raised their target price from $127 to $183. The new note on the price target was released on September 18, 2020, representing the official price target for Mirati Therapeutics Inc. stock. Previously, the target price had yet another raise to $116, while JP Morgan analysts kept a Overweight rating on MRTX stock.
The Average True Range (ATR) for Mirati Therapeutics Inc. is set at 11.68, with the Price to Sales ratio for MRTX stock in the period of the last 12 months amounting to 5444.26. The Price to Book ratio for the last quarter was 15.94, with the Price to Cash per share for the same quarter was set at 14.49.
MRTX Stock Performance Analysis:
Mirati Therapeutics Inc. [MRTX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 22.04. With this latest performance, MRTX shares gained by 32.47% in over the last four-week period, additionally plugging by 165.63% over the last 6 months – not to mention a rise of 131.82% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MRTX stock in for the last two-week period is set at 71.57, with the RSI for the last a single of trading hit 74.13, and the three-weeks RSI is set at 71.15 for Mirati Therapeutics Inc. [MRTX]. The present Moving Average for the last 50 days of trading for this stock 166.74, while it was recorded at 201.65 for the last single week of trading, and 116.63 for the last 200 days.
Insight into Mirati Therapeutics Inc. Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Mirati Therapeutics Inc. [MRTX] shares currently have an operating margin of -6659.79. Mirati Therapeutics Inc.’s Net Margin is presently recorded at -6394.48.
Return on Total Capital for MRTX is now -75.99, given the latest momentum, and Return on Invested Capital for the company is -73.05. Return on Equity for this stock declined to -73.05, with Return on Assets sitting at -64.56. When it comes to the capital structure of this company, Mirati Therapeutics Inc. [MRTX] has a Total Debt to Total Equity ratio set at 0.18. Additionally, MRTX Total Debt to Total Capital is recorded at 0.18, with Total Debt to Total Assets ending up at 0.16.
Reflecting on the efficiency of the workforce at the company, Mirati Therapeutics Inc. [MRTX] managed to generate an average of -$1,921,225 per employee. Receivables Turnover for the company is 2.86 with a Total Asset Turnover recorded at a value of 0.01.Mirati Therapeutics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 11.30 and a Current Ratio set at 11.30.
MRTX Stock EPS
With the latest financial reports released by the company, Mirati Therapeutics Inc. posted -1.38/share EPS, while the average EPS was predicted by analysts to be reported at -1.25/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -10.40%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MRTX.
Mirati Therapeutics Inc. [MRTX] Insider Position Details
There are presently around $10,673 million, in the hands of institutional investors. The top three institutional holders of MRTX stocks are: AVORO CAPITAL ADVISORS LLC with ownership of 4,286,765, which is approximately 4.232% of the company’s market cap and around 7.50% of the total institutional ownership; VANGUARD GROUP INC, holding 3,449,202 shares of the stock with an approximate value of $758.72 million in MRTX stocks shares; and BLACKROCK INC., currently with $758.38 million in MRTX stock with ownership of nearly 15.841% of the company’s market capitalization.
Positions in Mirati Therapeutics Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 137 institutional holders increased their position in Mirati Therapeutics Inc. [NASDAQ:MRTX] by around 3,709,528 shares. Additionally, 67 investors decreased positions by around 3,336,977 shares, while 20 investors held positions by with 41,474,279 shares. The mentioned changes placed institutional holdings at 48,520,784 shares, according to the latest SEC report filing. MRTX stock had 52 new institutional investments in for a total of 1,112,930 shares, while 17 institutional investors sold positions of 560,589 shares during the same period.