As reported on September 20, 2023, it has been revealed that DnB Asset Management AS recently acquired a new stake in Mirati Therapeutics, Inc. (NASDAQ:MRTX) during the second quarter. The institutional investor purchased 10,636 shares of the biotechnology company’s stock, with an estimated value of approximately $384,000.
Mirati Therapeutics is a renowned biotechnology company that focuses on developing innovative treatments for cancer. In its most recent quarterly earnings report disclosed on August 8th, the company announced an earnings per share (EPS) of ($3.04), surpassing market expectations by $0.19 per share. Analysts had predicted an EPS of ($3.23). The reported revenue for the quarter was $13.70 million, exceeding analysts’ estimates of $13.17 million.
The positive financial results can be attributed to the significant growth in Mirati Therapeutics’ business operations over the past year. During this quarter compared to the same period last year, the company experienced a remarkable increase in quarterly revenue by 153.7%. This demonstrated growth showcases Mirati Therapeutics’ continued commitment to providing effective treatments and therapies for patients battling cancer.
Despite the noteworthy financial performance, it is important to note that Mirati Therapeutics had a negative return on equity of 79.37% as well as a negative net margin of 2,709.33%. However, it is crucial to consider these figures within the context of the biotechnology industry and understand that these metrics are not uncommon among similar companies operating in this sector.
Looking ahead, equities research analysts predict that Mirati Therapeutics will post -11.85 earnings per share for the current year. While this projection may appear negative at first glance, it must be taken into account that ongoing investment in research and development plays a pivotal role in advancing breakthrough therapies and treatments within the field of biotechnology.
Investors and industry experts recognize the potential that Mirati Therapeutics holds in the development of innovative cancer treatments. With continued research and development efforts, the company is well-positioned to make significant contributions to the medical community.
In conclusion, DnB Asset Management AS’s recent investment illustrates confidence in Mirati Therapeutics’ trajectory and prospects. The company’s promising financial performance, coupled with its focus on bringing forth innovative solutions in the field of biotechnology, positions Mirati Therapeutics for continued growth and success in the future.
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Mirati Therapeutics: Increasing Investor Activity and Mixed Analyst Ratings
Mirati Therapeutics, a biotechnology company, has recently seen significant activity from large investors. One such investor, Advisor Group Holdings Inc., increased its position in Mirati Therapeutics by 211.1% during the first quarter of this year. This boost in position was accompanied by the purchase of an additional 437 shares, bringing Advisor Group’s total ownership to 644 shares valued at $52,000. Similarly, Captrust Financial Advisors also increased its stake in Mirati Therapeutics by an astounding 1,528.3% during the first quarter, acquiring an additional 917 shares worth $80,000.
The trend continues with other investors as well. Neo Ivy Capital Management entered the scene by acquiring a new stake worth $85,000 during the fourth quarter. Meanwhile, US Bancorp DE augmented its position in Mirati Therapeutics by 55.1% during the first quarter through the acquisition of an extra 1,014 shares valued at $106,000. Lastly, SG Americas Securities LLC contributed to the investing frenzy by purchasing a new stake in Mirati Therapeutics for $162,000 during the same period.
Brokerages have also been keeping a close eye on Mirati Therapeutics’ performance and have issued several reports regarding their observations. B. Riley upgraded their rating on Mirati Therapeutics from “neutral” to “buy” on August 9th and set a target price of $45.00 per share on the company’s stock. Guggenheim reduced their price objective from $104.00 to $60.00 but maintained a “buy” rating for Mirati Therapeutics’ stock on July 24th.
Morgan Stanley echoed Guggenheim’s cautious approach and lowered their own price target from $42.00 to $37.00 while maintaining an “equal weight” rating for the company’s stock on August 9th. In contrast, Stifel Nicolaus expressed optimism by elevating their price target to $83.00 on the same day. Lastly, Oppenheimer raised their price objective from $56.00 to $62.00 and rated the stock as “outperform” in their report on August 9th.
Despite conflicting ratings, Bloomberg.com data reveals a consensus rating of “Hold” and a consensus target price of $55.67 for Mirati Therapeutics’ stock as of September 20, 2023.
In other news, Director Faheem Hasnain demonstrated confidence in the company’s potential by purchasing 10,791 shares at an average price of $27.80 per share on August 11th, resulting in a total transaction amount of $299,989.80. Following this acquisition, Hasnain now holds 10,791 shares valued at approximately $299,989.80.
Additionally, insider Boxer Capital, Llc displayed further commitment to Mirati Therapeutics by purchasing a staggering 1,201,440 shares at an average price of $27.80 per share on the same day. This purchase amounted to a total transaction value of $33,400,032.00. The insider now owns approximately 3,2012,440 shares valued at roughly $89 million.
These significant investments from insiders have underscored Mirati Therapeutics’ potential and have piqued the interest of investors across the market.
Mirati Therapeutics’ stock opened at $32.35 on September 20th and has shown movement over recent months with a 50-day moving average of $34.63 and a 200-day moving average of $38.54.
While Mirati Therapeutics had previously reached its peak at a high of $101.30 over the past year before experiencing lows reaching $27.30 per share also within that timeframe.
Mirati Therapeutics currently boasts a market capitalization of $1.90 billion with a price-to-earnings ratio of -2.52 and a beta of 0.91.
With the active participation of large investors, varied ratings from brokerages, and recent insider activity, it remains to be seen how Mirati Therapeutics will navigate the dynamics of the market in the coming months.
