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Brokers upgrade ratings on Mirati as Q2FY23 revenue beats estimates
Summary
Shares of biotechnology firm Mirati Therapeutics Inc. (NASDAQ: MRTX) surged 30% on Wednesday as it released Q2 financial results and structural updates. The oncology company also announced its CEO Charles Baum’s departure from the position.
Mirati is a midsized company that develops therapeutics aimed at addressing genetic and immunological promoters of cancer. The company operates in the US alone and has a market capitalization of around US$2.15 billion.
For the second quarter of 2023, Mirati reported a total revenue of US$13.69 million, as against US$5.36 million for the second quarter of 2022. The company’s cash and cash equivalents for the June 2023 quarter were US$779.43 million.
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