Notable Stock News to Watch: Mirati Therapeutics (NASDAQ:MRTX)

Mirati Therapeutics (NASDAQ:MRTX) spotted trading -1.11% off 52-week high price. On the other end, the stock has been noted 216.86% away from the low price over the last 52-weeks. The stock changed 6.35% to recent value of $209.16. The stock transacted 859807 shares during most recent day however it has an average volume of 440.76K shares. The company has 43.83M of outstanding shares and 40.85M shares were floated in the market.  

On Oct. 27, 2020, Mirati Therapeutics (NASDAQ:MRTX) released the pricing of an underwritten public offering of 4,335,397 shares of its common stock at a price to the public of $202.00 per share, which consists of 3,960,397 shares to be sold by Mirati and 375,000 shares to be sold by a selling stockholder. The aggregate gross proceeds to Mirati from this offering are expected to be approximately $800.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Mirati. The offering is expected to close on or about October 30, 2020, subject to customary closing conditions. Mirati has also granted the underwriters a 30-day option to purchase up to an additional 625,309 shares of common stock in connection with the public offering and the selling stockholder has granted the underwriters a 30-day option to purchase up to an additional 25,000 shares of common stock in connection with the public offering. Mirati will not receive any proceeds from the sale of common stock by the selling stockholder.

Mirati expects to use the net proceeds from this offering for general corporate purposes, including expenses related to the clinical and commercial development and manufacturing scale-up of adagrasib (MRTX849) and sitravatinib, the preclinical and clinical development of MRTX1133, a KRAS G12D inhibitor, and the development of other preclinical programs and the expansion of its organizational capabilities, including establishing commercial operations, and for working capital.

 Its earnings per share (EPS) expected to touch remained -78.70% for this year.

 According to the most recent quarter its current ratio was 11.3 that represents company’s ability to meet its current financial obligations. The price moved ahead of 14.89% from the mean of 20 days, 28.57% from mean of 50 days SMA and performed 81.96% from mean of 200 days price. Company’s performance for the week was 10.64%, 25.25% for month and YTD performance remained 62.32%.

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