Mirati Therapeutics is an American biotechnology company with a focus on oncology. More particularly, the company has one successful drug called JAKAFI that is used to treat bone marrow conditions. The company is also conducting research in the field of precision medicine. Additionally, JAKAFI is now being evaluated for the treatment of a condition known as cytokine storm. This condition is caused by COVID. Mirati Therapeutics has performed quite well in the year 2020 and its stock price shows the uptrend. It is among the candidates for investment in case you are looking for biotechnology stocks.
Mirati 3Q2020 Earnings Results
Mirati reported its third-quarter 2020 earnings results in early November of 2020. Revenues jumped from around $988,000 in the same quarter the prior year to $11.4 million. However, research and development expenses rose from $47.3 million to $79.8 million while admin expenses doubled from around $10 million in 3Q2019 to $20.2 million in 3Q2020. As a result of these trends, the net loss per share went from $1.38 in the third quarter of 2019 to $1.96 in the third quarter of 2020.
Mirati Therapeutics CEO Charles Baum said, “We presented the first preclinical data for MRTX1133, a potentially first in class, potent, selective and reversible inhibitor of KRAS G12D in both its active and inactive states. MRTX1133 demonstrated significant tumor regression in several preclinical tumor models, and we anticipate filing an IND in the first half of 2021. Our recent public offering provides the resources to accelerate and expand development across our pipeline, including sitravatinib, adagrasib, MRTX1133 and discovery programs, as we continue to build our organization, prepare for commercialization and strive to bring novel therapies to cancer patients and their families.”
Mirati Therapeutics’ stock has been among the pick of the top performers. It has doubled from around $100 to more than $200 over the past year. The price has dropped by more than 6% in the last 30 days. However, on a longer-term 5-year basis, the stock has gone from around $25 to almost $220. Mirati Therapeutics currently does not pay a dividend.