Tower Research Capital LLC TRC, a financial services firm, has recently reduced its holdings in biotechnology company Mirati Therapeutics, Inc. According to the company’s filing with the Securities and Exchange Commission, Tower Research Capital LLC TRC sold 7,693 shares of Mirati Therapeutics, which accounted for a 65.9% reduction in its holdings during the first quarter. As a result, Tower Research Capital LLC TRC now owns 3,989 shares of Mirati Therapeutics’ stock with a value of $148,000 as of its most recent filing.
Mirati Therapeutics (NASDAQ:MRTX) reported its quarterly earnings results on August 8th. The biotechnology company surpassed expectations by reporting an EPS (earnings per share) of ($3.04) for the quarter, beating the consensus estimate of ($3.23) by $0.19. Additionally, Mirati Therapeutics recorded revenue of $13.70 million for the quarter, surpassing analyst forecasts of $13.17 million. These results indicate substantial growth as compared to the same quarter in the previous year when the company reported ($3.18) earnings per share.
Despite these positive results, it is important to note that Mirati Therapeutics had a negative return on equity amounting to 79.37% and a negative net margin of 2,709.33%. This suggests that the company still faces challenges in terms of profitability and operational efficiency.
Equities analysts predict that Mirati Therapeutics will post -11.95 EPS for the current fiscal year based on their analysis and projections.
Investors and stakeholders should carefully consider these financial indicators and performance metrics when evaluating Mirati Therapeutics as an investment opportunity.
It is crucial to conduct extensive research and analysis before making any investment decisions based on this information or other relevant factors impacting Mirati Therapeutics’ financial standing and market performance.
Interested parties can access the latest stock report on Mirati Therapeutics to gain a comprehensive understanding of the company’s financial health and growth prospects. Doing so will provide valuable insights for informed decision-making regarding investments in the biotechnology sector.
As of August 31, 2023, the date of this article, it is important to note that market conditions and industry dynamics may have evolved, potentially affecting the accuracy and relevance of the aforementioned information. Therefore, investors are advised to consult updated data and seek professional advice before making investment decisions in any specific security or company like Mirati Therapeutics.
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Mirati Therapeutics Receives Boost in Holdings from Institutional Investors, Signaling Confidence in Future Growth
August 31, 2023 – Mirati Therapeutics Receives Boost in Holdings from Various Investors
Mirati Therapeutics, a leading biotechnology company, has recently experienced an increase in holdings from various institutional investors and hedge funds. These transactions provide insights into the confidence that industry experts have in the company’s future prospects.
IFP Advisors Inc, for instance, has boosted its holdings in Mirati Therapeutics by 12.0% during the fourth quarter. The firm now owns 2,403 shares of the company’s stock, which is valued at $104,000 after acquiring an additional 257 shares during the period. Similarly, Fiera Capital Corp increased its holdings by 29.9% and now owns 692,657 shares valued at $31,384,000.
Edmond DE Rothschild Holding S.A., another institutional investor that believes in Mirati Therapeutics’ potential growth, raised its holdings by 6.3%. The firm currently holds 169,060 shares with a value of $7,660,000 after acquiring an additional 10,000 shares during the fourth quarter.
Interestingly enough, Granahan Investment Management LLC decided to purchase a new position in Mirati Therapeutics valued at about $4,164,000 during this period as well. Gyon Technologies Capital Management LP followed suit and made a notable acquisition worth approximately $2080..00.
The attractive opening price for Mirati Therapeutics on Thursday was recorded at $37.07 with a market capitalization of around $2.17 billion. It is worth noting that these figures reflect fluctuations expected in any thriving industry such as biotechnology — quick changes are part of nature.
Despite momentarily low points within the past year—its lowest point being around $27.30—Mirati Therapeutics reached its pinnacle at approximately $101.30 for the same period. Such fluctuations show that investors need to remain vigilant given these unpredictable times.
Securities and Exchange Commission (SEC) public filings have revealed a significant transaction involving the acquisition of 10,791 shares by Director Faheem Hasnain. These shares were bought at an average cost of $27.80 per share, resulting in a total investment of $299,989.80. The director currently holds 10,791 shares worth roughly the same value.
Another intriguing transaction occurred when Chief Financial Officer Laurie Stelzer sold 4,647 shares worth $37.06 each, amounting to a total value of $172,217.82. After this transaction, Stelzer’s direct ownership in the company amounted to approximately $2,965,355.90 through her ownership of 80,015 shares.
Analysts from prominent brokerage firms have also commented on MRTX stock recently. B. Riley upgraded its rating for Mirati Therapeutics from “neutral” to “buy” and set a target price of $45.00 per share for the company. Morgan Stanley weighed in as well and reduced their price target from $42.00 to $37.00 while maintaining an “equal weight” rating for the stock.
It is important to consider that opinions on Mirati Therapeutics’ performance vary among industry analysts despite these updates. While some research firms such as StockNews.com have initiated coverage with a “sell” rating on the stock, others like Piper Sandler express confidence and issued an “overweight” rating along with a target price of $45.
Currently, two sell ratings, four hold ratings, and eight buy ratings have been assigned to Mirati Therapeutics by equities research firms. Bloomberg data reveals that the average rating for MRTX is labeled as “hold,” closely aligning with the average target price of $59.08.
As investors analyze these recent developments within Mirati Therapeutics, it is crucial to remain both cautious and optimistic. Fluctuations in the biotechnology industry require a watchful eye, diligent research, and an understanding of the company’s long-term strategy.
In conclusion, the increased holdings by institutional investors reflect their confidence in Mirati Therapeutics and its potential for substantial growth. Despite mixed evaluations from analysts, the future of MRTX remains uncertain yet full of possibilities.
