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MIRATI THERAPEUTICS, INC.

(MRTX)
  Report
Delayed Nasdaq  -  04:00:00 2023-01-27 pm EST
53.09 USD   +3.98%
01/23B. Riley Raises Mirati Therapeutics' Price Target to $56 From $52, Keeps Neutral Rating
MT
01/20Insider Sell: Mirati Therapeutics
MT
01/19Mirati Therapeutics Says FDA Clears Investigational New Drug Application For Tumor Therapy MRTX1133
MT
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Wall Street slumps on further recession talk, S&P posts 4th decline

12/06/2022 | 04:01pm EST

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)

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Meta falls on report of EU concern over targeted ads

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Energy stocks drop as crude trades at lowest level since Jan

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Mirati slumps after trial data disappoints

Dec 6 (Reuters) - Wall Street closed lower on Tuesday, with the S&P 500 declining for the fourth straight session, as skittish investors fretted over Federal Reserve rate hikes and further talk of a looming recession.

Among the biggest drags on the S&P was Meta Platforms Inc , which slid following reports that European Union regulators have ruled the company should not require users to agree to personalized ads based on their digital activity.

However, technology names generally suffered as investors applied caution toward high-growth companies whose performance would be sluggish in a challenging economy. This hit Apple Inc , Amazon.com Inc and Alphabet Inc and sent the tech-heavy Nasdaq down for a third straight session.

Most of the 11 major S&P sectors were lower, with energy and communications services joining technology as leading laggards. Utilities, a defensive sector often preferred during times of economic uncertainty, fared better.

Future economic growth prospects were in focus on Tuesday following comments from financial titans pointing toward uncertain times ahead.

Bank of America Corp's chief executive predicted three quarters of mild negative growth next year, while JPMorgan Chase and Co's CEO Jamie Dimon said inflation will erode consumer spending power and that a mild to more pronounced recession was likely ahead.

Their comments came on the heels of recent views from BlackRock and others that believe the U.S. Federal Reserve's aggressive monetary tightening to combat stubbornly high price rises could induce an economic downturn in 2023.

"The market is very reactive right now," said David Sadkin, president at Bel Air Investment Advisors.

He noted that, while markets traditionally reflect the future, right now they are moving up and down based on the latest headlines.

Fears about economic growth come amid a re-evaluation by traders of what path future interest rate hikes will take, following strong data on jobs and the services sector in recent days.

Money market bets are pointing to a 91% chance that the U.S. central bank might raise rates by 50 basis points at its Dec. 13-14 policy meeting, with rates expected to peak at 4.98% in May 2023, up from 4.92% estimated on Monday before service-sector data was released.

The S&P 500 rallied 13.8% in October and November on hopes of smaller rate hikes and better-than-expected earnings, although the expectation for slower rate hikes could be undermined by further data releases, including producer prices due out on Friday.

"The market got ahead of itself at the end of November, but then we got some good economic data, so people are re-evaluating what the Fed is going to do next week," said Bel Air's Sadkin.

According to preliminary data, the S&P 500 lost 57.05 points, or 1.43%, to end at 3,941.79 points, while the Nasdaq Composite lost 225.01 points, or 1.99%, to 11,014.93. The Dow Jones Industrial Average fell 347.49 points, or 1.02%, to 33,599.61.

Jitters on the direction of global growth have also weighed on oil prices, with U.S. crude slipping to levels last seen in January, before Russia's invasion of Ukraine disrupted supply markets. The energy sector fell on Tuesday.

Banks are among the most sensitive stocks to an economic downturn, as they potentially face negative effects from bad loans or slowing loan growth. The S&P banks index was down, with Bank of America a leading decliner.

Elsewhere, Mirati Therapeutics Inc slumped after the company reported disappointing early trial data on its experimental cancer drug adagrasib.

Textron Inc climbed after the U.S. Army awarded the contract for its next-generation helicopter to the company's Bell unit. (Reporting by Devik Jain, Ankika Biswas and Johann M Cherian in Bengaluru and David French in New York; Editing by Vinay Dwivedi, Shounak Dasgupta and Lisa Shumaker)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.90% 99.37 Delayed Quote.10.53%
AMAZON.COM, INC. 3.04% 102.24 Delayed Quote.21.71%
APPLE INC. 1.37% 145.93 Delayed Quote.12.31%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.00% 0.7103 Delayed Quote.4.40%
BANK OF AMERICA CORPORATION 0.31% 35.45 Delayed Quote.7.04%
BLACKROCK, INC. 0.04% 759.18 Delayed Quote.7.09%
BRENT OIL -1.57% 86.05 Delayed Quote.1.71%
BRITISH POUND / US DOLLAR (GBP/USD) 0.00% 1.2397 Delayed Quote.2.63%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.7507 Delayed Quote.1.73%
DOW JONES INDUSTRIAL 0.08% 33978.08 Real-time Quote.2.51%
EURO / US DOLLAR (EUR/USD) 0.01% 1.0866 Delayed Quote.1.78%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.11% 0.012271 Delayed Quote.1.60%
META PLATFORMS, INC. 3.01% 151.74 Delayed Quote.22.40%
MIRATI THERAPEUTICS, INC. 3.98% 53.09 Delayed Quote.17.17%
NASDAQ COMPOSITE 0.95% 11621.71 Real-time Quote.11.04%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.00% 0.6492 Delayed Quote.2.23%
TEXTRON INC. 0.22% 72.28 Delayed Quote.1.86%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.23% 70.627 Delayed Quote.-3.48%
WTI 0.00% 79.45 Delayed Quote.0.75%
All news about MIRATI THERAPEUTICS, INC.
01/23B. Riley Raises Mirati Therapeutics' Price Target to $56 From $52, Keeps Neutral Rating
MT
01/20Insider Sell: Mirati Therapeutics
MT
01/19Mirati Therapeutics Says FDA Clears Investigational New Drug Application For Tumor Ther..
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01/19Mirati Announces IND Clearance by U.S. FDA Enabling Phase 1 Initiation for First-in-Cla..
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01/19Mirati Therapeutics, Inc. Announces U.S. Food and Drug Administration Clears the Invest..
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01/19Insider Sell: Mirati Therapeutics
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01/09Mirati Therapeutics, Inc. : Results of Operations and Financial Condition, Regulation FD D..
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01/09Transcript : Mirati Therapeutics, Inc. Presents at 41st Annual J.P. Morgan He..
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01/06Mirati Therapeutics Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
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01/05Insider Sell: Mirati Therapeutics
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More news
Analyst Recommendations on MIRATI THERAPEUTICS, INC.
More recommendations
Financials (USD)
Sales 2022 14,3 M - -
Net income 2022 -752 M - -
Net cash 2022 1 110 M - -
P/E ratio 2022 -3,96x
Yield 2022 -
Capitalization 3 057 M 3 057 M -
EV / Sales 2022 136x
EV / Sales 2023 35,6x
Nbr of Employees -
Free-Float 94,1%
Chart MIRATI THERAPEUTICS, INC.
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Mirati Therapeutics, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends MIRATI THERAPEUTICS, INC.
Short TermMid-TermLong Term
TrendsBullishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 53,09 $
Average target price 71,27 $
Spread / Average Target 34,2%
EPS Revisions
Managers and Directors
David D. Meek Chief Executive Officer & Director
Charles M. Baum President, Director & Head-Research & Development
Laurie D. Stelzer Chief Financial & Accounting Officer
Faheem Hasnain Chairman
James G. Christensen Chief Scientific Officer & Executive VP
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