Market Analysts see Mirati Therapeutics Inc. [MRTX] falling to $53. Time to buy?

Mirati Therapeutics Inc. [NASDAQ: MRTX] closed the trading session at $41.97 on 12/13/22. The day’s price range saw the stock hit a low of $35.70, while the highest price level was $42.48. The company report on December 13, 2022 that Mirati Therapeutics Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4).

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Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, today announced that the company granted equity awards to 11 new employees with a grant date of December 1, 2022, as equity inducement awards outside of the company’s 2022 Equity Incentive Plan (but under the terms of the company’s Inducement Plan) and material to the employees’ acceptance of employment with the company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 26,495 shares of Mirati’s common stock, and in the aggregate 16,380 restricted stock units (“RSUs”). The options have an exercise price of $91.50 per share, which is equal to the closing price of Mirati’s common stock on December 1, 2022, (the “Grant Date”). One-fourth of the shares underlying the employee options will vest on the one-year anniversary of the grant date and thereafter 1/48th of the shares underlying the employee options will vest monthly, such that the shares underlying the options granted to the employees will be fully vested on the fourth anniversary of the grant date, subject to the employees’ continued employment with Mirati on such vesting dates. Each RSU will vest as to 25% of the shares underlying the RSU award on the first anniversary of the grant date and as to an additional 25% of the shares underlying the RSU award annually thereafter, subject to each such employee’s continued employment on each vesting date.

The stocks have a year to date performance of -71.39 percent and weekly performance of -41.32 percent. The stock has been moved at -20.07 percent over the last six months. The stock has performed -42.59 percent around the most recent 30 days and changed -48.73 percent over the most recent 3-months.

If compared to the average trading volume of 1.34M shares, MRTX reached to a volume of 7255031 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about 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 $85.81 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 2.20. 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.

Citigroup have made an estimate for Mirati Therapeutics Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on December 09, 2022. While these analysts kept the previous recommendation, JP Morgan dropped their target price from $94 to $65. The new note on the price target was released on December 08, 2022, representing the official price target for Mirati Therapeutics Inc. stock. Previously, the target price had yet another drop from $110 to $59, while BMO Capital Markets kept a Market Perform rating on MRTX stock.

The Average True Range (ATR) for Mirati Therapeutics Inc. is set at 7.57, with the Price to Sales ratio for MRTX stock in the period of the last 12 months amounting to 215.11. The Price to Book ratio for the last quarter was 2.09, with the Price to Cash per share for the same quarter was set at 19.86.

MRTX stock trade performance evaluation

Mirati Therapeutics Inc. [MRTX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -41.32. With this latest performance, MRTX shares dropped by -42.59% in over the last four-week period, additionally sinking by -20.07% over the last 6 months – not to mention a drop of -69.86% 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 28.57, with the RSI for the last a single of trading hit 22.16, and the three-weeks RSI is set at 32.81 for Mirati Therapeutics Inc. [MRTX]. The present Moving Average for the last 50 days of trading for this stock 69.93, while it was recorded at 43.71 for the last single week of trading, and 70.80 for the last 200 days.

Mirati Therapeutics Inc. [MRTX]: An insightful look at the core fundamentals

Mirati Therapeutics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 9.70 and a Current Ratio set at 9.70.

Mirati Therapeutics Inc. [MRTX]: Insider Ownership positions

There are presently around $2,668 million, in the hands of institutional investors. The top three institutional holders of MRTX stocks are: AVORO CAPITAL ADVISORS LLC with ownership of 5,550,555, which is approximately 0% of the company’s market cap and around 0.50% of the total institutional ownership; VANGUARD GROUP INC, holding 4,728,299 shares of the stock with an approximate value of $198.45 million in MRTX stocks shares; and WELLINGTON MANAGEMENT GROUP LLP, currently with $145.61 million in MRTX stock with ownership of nearly 19.383% of the company’s market capitalization.

Positions in Mirati Therapeutics Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 143 institutional holders increased their position in Mirati Therapeutics Inc. [NASDAQ:MRTX] by around 9,288,313 shares. Additionally, 101 investors decreased positions by around 8,295,277 shares, while 33 investors held positions by with 45,975,831 shares. The mentioned changes placed institutional holdings at 63,559,421 shares, according to the latest SEC report filing. MRTX stock had 46 new institutional investments in for a total of 3,812,043 shares, while 28 institutional investors sold positions of 2,400,873 shares during the same period.


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