Biotech companies have been in trend during a pandemic stricken year. Mirati Therapeutics specializes in oncology drugs. It has a particular focus on non-small cell lung cancer, colorectal cancer, renal cell carcinoma, and hepatocellular carcinoma. Its most well-known drugs include sitravatinib and adagrasib. Both of them are in the clinical trials phase. Given the company’s relatively narrow focus, it could potentially be a candidate for acquisition by one of the Big Pharma companies.
Mirati Reports Its 3Q2020 Earnings
In early November of 2020, Mirati Therapeutics reported its third quarter 2020 earnings. Revenues jumped significantly from under $1 million in 3Q2019 to $11.4 million. However, operating expenses also doubled. Therefore, net loss per share went from $1.38 in the third quarter of 2019 to $1.96 in the third quarter of 2020. CEO Charles Baum said that significant progress with positive momentum was made during the third quarter.
Mirati Therapeutics has been one of the best performing biotechnology stocks during the recent few months. In fact, Mirati has done well even in the longer term. Mirati Therapeutics’ stock has gone from $27 in January 2016 to $216 currently in January 2021. For the year 2020, the stock has grown from $114 in early January 2020 to $215 in early January 2021. That is almost a 2X return during one of the most challenging years in recent memory.
A comparable alternative to Mirati is Amgen. The company has a presence in the non-small cell lung cancer segment. Amgen’s stock is currently at $227. About a month ago, the stock was almost at the same level at $226. However, Amgen is down for the year, having started at $238 and fallen to $226. On a longer-term, the price 5 years ago was $150. The stock has, therefore, risen some 50% during that period.