Shares of the company are trading at $13.05 which is just a bit higher than $12.25, the stock’s 50 day moving average and which is quite a bit higher than the 200 day moving average of $6.27. The 50 day moving average moved up $0.80 and the 200 day average moved up $6.78. (NASDAQ:MRTX) shares saw light trading volume with 231K shares changing hands on Tuesday. Trading volume was down 52.88% under the stocks average daily volume.
Traders are feeling more bearish on the company recently as implied by the motion in short interest. The stock saw a rise in short interest from September 29, 2017 to October 13, 2017 of 23.31%. Short interest grew from 1,013,843 to 1,250,193 over that timeframe. Days to cover increased 2.0 to 2.0 and the short interest percentage is 0.05% as of October 13.
There has been some selling insider activity on Mirati Therapeutics, Inc. (NASDAQ:MRTX) recently. SVP, Chief Science Officer Jamie Christensen sold 4,000 shares at an average price of $14.00 on Wed the 4th. That brings the SVP, Chief Science Officer’s holdings to $37,380 as recorded in a recent Form 4 SEC filing. SVP, Chief Science Officer Jamie Christensen sold 770 shares at an average price of $12.00 on September 15th. The SVP, Chief Science Officer now owns $32,040 of the stock per an SEC filing yesterday.
Here are a few substantial investment firms who have updated their positions. Venbio Select Advisor LLC downsized its stake by selling 107,800 shares a decrease of 4.5% in the quarter. Venbio Select Advisor LLC now controls 2,275,401 shares valued at $8,305,000. The total value of its holdings decreased 33.0%. As of quarter end Cutler Group LP had sold 4,940 shares trimming its holdings by 60.0%. The value in dollars went from $30,000 to $12,000 a change of $18,000 quarter to quarter.
As of the end of the quarter Meeder Asset Management Inc had disposed of a total of 247 shares trimming its position 38.4%. The value of the company’s investment in Mirati Therapeutics, Inc. increased from $2,000 to $5,000 increasing 150.0% since the last quarter. Simplex Trading, LLC added to its position by buying 77,580 shares an increase of 24,018.6% from 06/30/2017 to 09/30/2017. Simplex Trading, LLC owns 77,903 shares with a value of $911,000. The value of the position overall is up by 91,000.0%.
On September 15 Leerink Swann kept the company rating at “Market Perform” and moved down the price target to $9.00 from $37.00. On September 19 analysts at Oppenheimer starting coverage on the stock with an initial rating of “Outperform”.
Equity analyst H.C. Wainwright issued its first research report on the stock with a rating of “Buy” and establishing a price target of $20.00.
As of the latest earnings report the EPS was $-3.38 and is expected to be $-3.20 for the current year with 24,969,000 shares currently outstanding. Next quarter’s EPS is estimated at $-0.85 and the next full year EPS is anticipated to be $-2.77.
Mirati Therapeutics, Inc., launched on April 29, 2013, is a clinical-stage biopharmaceutical company. The Company is focused on developing a pipeline of targeted oncology products. The Business’s clinical pipeline consists of three product candidates: MGCD265, MGCD516 and mocetinostat. Mocetinostat has completed approximately 10 clinical trials in over 400 patients with a range of hematologic malignancies and solid tumors..