Mirati Therapeutics Inc. [MRTX] stock Upgrade by JMP Securities analyst, price target now $72


Mirati Therapeutics Inc. [NASDAQ: MRTX] price surged by 36.45 percent to reach at $15.73. The company report on June 6, 2022 that New Late-Breaking Data on Investigational Adagrasib Show Regression of Central Nervous System (CNS) Metastases in Patients with KRASG12C-mutated Non-Small Cell Lung Cancer (NSCLC) with Active, Untreated CNS Metastases.

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Presentation marks first clinical dataset with a KRASG12C-inhibitor in patients with active, untreated CNS metastases.

Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, today announced results of a prospective analysis from the Phase 1b cohort of the KRYSTAL-1 study evaluating intracranial (IC) responses of adagrasib in patients with KRASG12C-mutated non-small cell lung cancer (NSCLC) with active and untreated central nervous system (CNS) metastases. This is the first clinical data demonstrating CNS-specific activity of a KRASG12C inhibitor in patients with NSCLC with active and untreated CNS metastases. Findings show that approximately one third of the patients had an IC response in patients with CNS metastases, consistent with what was observed systemically in this cohort.

A sum of 9238729 shares traded at recent session while its average daily volume was at 1.01M shares. Mirati Therapeutics Inc. shares reached a high of $60.21 and dropped to a low of $49.6509 until finishing in the latest session at $58.89.

The one-year MRTX stock forecast points to a potential upside of 54.41. The average equity rating for MRTX stock is currently 2.10, trading closer to a bullish pattern in the stock market.

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 $129.17 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 2.10. 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.

JMP Securities have made an estimate for Mirati Therapeutics Inc. shares, keeping their opinion on the stock as Mkt Outperform, with their previous recommendation back on June 07, 2022. The new note on the price target was released on May 20, 2022, representing the official price target for Mirati Therapeutics Inc. stock. Previously, the target price had yet another drop from $171 to $141, while BofA Securities kept a Neutral rating on MRTX stock.

The Average True Range (ATR) for Mirati Therapeutics Inc. is set at 5.92, with the Price to Sales ratio for MRTX stock in the period of the last 12 months amounting to 40.79. The Price to Book ratio for the last quarter was 2.62, with the Price to Cash per share for the same quarter was set at 26.30.

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 50.38. With this latest performance, MRTX shares gained by 3.79% in over the last four-week period, additionally sinking by -55.39% over the last 6 months – not to mention a drop of -65.40% 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 53.45, with the RSI for the last a single of trading hit 60.53, and the three-weeks RSI is set at 48.98 for Mirati Therapeutics Inc. [MRTX]. The present Moving Average for the last 50 days of trading for this stock 65.97, while it was recorded at 45.31 for the last single week of trading, and 119.74 for the last 200 days.

Insight into Mirati Therapeutics Inc. Fundamentals:

Mirati Therapeutics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 10.90 and a Current Ratio set at 10.90.

Mirati Therapeutics Inc. [MRTX] Insider Position Details

There are presently around $2,490 million, in the hands of institutional investors. The top three institutional holders of MRTX stocks are: AVORO CAPITAL ADVISORS LLC with ownership of 5,325,000, which is approximately 4.926% of the company’s market cap and around 0.70% of the total institutional ownership; VANGUARD GROUP INC, holding 4,482,810 shares of the stock with an approximate value of $193.48 million in MRTX stocks shares; and AVIVA HOLDINGS LTD., currently with $135.35 million in MRTX stock with ownership of nearly 0% of the company’s market capitalization.

Positions in Mirati Therapeutics Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 159 institutional holders increased their position in Mirati Therapeutics Inc. [NASDAQ:MRTX] by around 7,621,723 shares. Additionally, 143 investors decreased positions by around 6,935,125 shares, while 24 investors held positions by with 43,137,666 shares. The mentioned changes placed institutional holdings at 57,694,514 shares, according to the latest SEC report filing. MRTX stock had 58 new institutional investments in for a total of 2,101,014 shares, while 70 institutional investors sold positions of 2,445,370 shares during the same period.