Citigroup lifts Mirati Therapeutics Inc [MRTX] price estimate. Who else is bullish?

Mirati Therapeutics Inc [NASDAQ: MRTX] loss -0.17% on the last trading session, reaching $58.70 price per share at the time. The company report on January 10, 2024 at 8:00 AM that European Commission Approves KRAZATI (adagrasib) as a Targeted Treatment Option for Patients with Advanced Non-Small Cell Lung Cancer (NSCLC) with a KRASG12C Mutation.

Mirati Therapeutics, Inc.® (NASDAQ: MRTX), a commercial stage biotechnology company, today announced that the European Commission (EC) granted conditional marketing authorization for KRAZATI® (adagrasib) as a targeted treatment option for adult patients with KRASG12C -mutated advanced non-small cell lung cancer (NSCLC) and disease progression after at least one prior systemic therapy.

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KRAZATI has demonstrated a positive benefit-risk profile based on the Phase 2 registration-enabling cohort of the KRYSTAL-1 study, evaluating KRAZATI 600 mg administered orally twice daily in 116 patients with KRASG12C-mutated advanced NSCLC who previously received treatment with a platinum-based regimen and an immune checkpoint inhibitor. The primary efficacy endpoints were confirmed ORR and DOR as evaluated by blinded independent central review (BICR) according to response evaluation criteria in solid tumors (RECIST v1.1).

If compared to the average trading volume of 1.50M shares, MRTX reached a trading volume of 20929678 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $60.82 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 2.92. 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 Buy, with their previous recommendation back on August 10, 2023.

The Average True Range (ATR) for Mirati Therapeutics Inc is set at 0.43, with the Price to Sales ratio for MRTX stock in the period of the last 12 months amounting to 107.82. The Price to Book ratio for the last quarter was 4.35, with the Price to Cash per share for the same quarter was set at 13.92.

Trading performance analysis for MRTX stock

Mirati Therapeutics Inc [MRTX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.98. With this latest performance, MRTX shares dropped by -0.14% in over the last four-week period, additionally plugging by 87.48% over the last 6 months – not to mention a rise of 36.58% 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 56.14, with the RSI for the last a single of trading hit 46.87, and the three-weeks RSI is set at 61.06 for Mirati Therapeutics Inc [MRTX]. The present Moving Average for the last 50 days of trading for this stock 57.69, while it was recorded at 58.83 for the last single week of trading, and 45.47 for the last 200 days.

Mirati Therapeutics Inc [MRTX]: A deeper dive into fundamental analysis

Mirati Therapeutics Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 7.40 and a Current Ratio set at 7.54.

Mirati Therapeutics Inc [MRTX]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Mirati Therapeutics Inc posted -3.51/share EPS, while the average EPS was predicted by analysts to be reported at -3.55/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 1.10%. 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.

An analysis of Institutional ownership at Mirati Therapeutics Inc [MRTX]

The top three institutional holders of MRTX stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in MRTX stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in MRTX stock with ownership which is approximately 5.8325%.