Mirati Therapeutics (MTRX) PT Cut to $7 at Piper Jaffray

August 5, 2016 8:22 AM EDT
Get Alerts MRTX Hot Sheet
Price: $5.30 +3.92%

Rating Summary:
    4 Buy, 4 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 26 | Down: 29 | New: 38
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Piper Jaffray analyst Steven Breazzano slashed his price target on Mirati Therapeutics (NASDAQ: MRTX) to $7.00 (from $14.00) while keeping a Neutral rating following Q2 results.

Breazzano commented, "After the close, MRTX reported 2Q earnings and provided several corporate updates. Following the update at ASCO earlier this year and subsequent reformulation of lead drug glesatinib into a spray-dried dispersion (SDD) to reduce GI side effects, MRTX continues to enroll patients and plans to provide an update once enough clinical data has been obtained, which may occur later this year. Though promising, questions still remain concerning the drug's profile and LT differentiation in this crowded field, and we remain on the sidelines given the competitive landscape and early stage of the clinical assets. Reiterate Neutral rating, though our PT moves to $7/share from $14/share reflecting changes to our model, see below for details."

For an analyst ratings summary and ratings history on Mirati Therapeutics click here. For more ratings news on Mirati Therapeutics click here.

Shares of Mirati Therapeutics closed at $5.20 yesterday.

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