Stock Traders Purchase Large Volume of Mirati Therapeutics Call Options (NASDAQ:MRTX)

Mirati Therapeutics, Inc. (NASDAQ:MRTX) was the recipient of unusually large options trading on Friday. Investors purchased 4,659 call options on the stock. This is an increase of approximately 1,101% compared to the typical volume of 388 call options.

MRTX stock traded down $3.23 during mid-day trading on Friday, hitting $165.79. The company had a trading volume of 11,883 shares, compared to its average volume of 467,613. The company has a market capitalization of $8.56 billion, a price-to-earnings ratio of -16.80 and a beta of 1.37. Mirati Therapeutics has a 12-month low of $131.46 and a 12-month high of $249.42. The company has a 50-day moving average price of $158.41 and a 200 day moving average price of $163.74.

Mirati Therapeutics (NASDAQ:MRTX) last released its quarterly earnings results on Thursday, August 5th. The biotechnology company reported ($3.23) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.40) by ($0.83). On average, research analysts forecast that Mirati Therapeutics will post -11.76 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of MRTX. Marshall Wace LLP raised its position in Mirati Therapeutics by 2,326.5% in the 1st quarter. Marshall Wace LLP now owns 4,853 shares of the biotechnology company’s stock worth $356,000 after purchasing an additional 4,653 shares during the period. Dimensional Fund Advisors LP increased its stake in Mirati Therapeutics by 89.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 43,039 shares of the biotechnology company’s stock worth $9,453,000 after purchasing an additional 20,346 shares during the period. US Bancorp DE increased its stake in Mirati Therapeutics by 84.7% in the first quarter. US Bancorp DE now owns 157 shares of the biotechnology company’s stock worth $27,000 after purchasing an additional 72 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Mirati Therapeutics by 16.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,106 shares of the biotechnology company’s stock worth $703,000 after purchasing an additional 572 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in Mirati Therapeutics by 15.9% in the first quarter. Envestnet Asset Management Inc. now owns 1,593 shares of the biotechnology company’s stock worth $273,000 after purchasing an additional 219 shares during the period.

Several research analysts have recently issued reports on MRTX shares. Morgan Stanley assumed coverage on Mirati Therapeutics in a research report on Thursday, August 26th. They issued an “equal weight” rating and a $160.00 target price for the company. JPMorgan Chase & Co. decreased their price target on shares of Mirati Therapeutics from $205.00 to $203.00 and set an “overweight” rating for the company in a research note on Tuesday, September 7th. Citigroup upgraded shares of Mirati Therapeutics from a “neutral” rating to a “buy” rating in a research note on Friday, June 4th. upgraded shares of Mirati Therapeutics from a “neutral” rating to a “buy” rating in a research note on Friday, June 4th. Finally, Oppenheimer reissued a “market perform” rating and issued a $160.00 target price (down previously from $245.00) on shares of Mirati Therapeutics in a report on Monday, May 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $210.25.

Mirati Therapeutics Company Profile

Mirati Therapeutics, Inc operates as a clinical-stage oncology company, which engages in the development of novel therapeutics. The firm’s products targets the genetic and immunological promoters of cancer. Its clinical pipeline consists of Adagrasib, MRTX1133, and Sitravatinib. The company was founded on December 13, 1995 and is headquartered in San Diego, CA.

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