5 Best Pharmaceutical Stocks to Buy According to Steven Boyd’s Armistice Capital

2. Mirati Therapeutics, Inc. (NASDAQ:MRTX)

Armistice Capital’s Stake Value: $137,482,000

Percentage of Armistice Capital’s 13F Portfolio: 2.39%

Number of Hedge Fund Holders: 40

Mirati Therapeutics, Inc. (NASDAQ:MRTX) is a clinical-stage biotechnology company focused on discovery, design, and delivery of breakthrough therapies for cancer patients, including lung cancer, and  a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer.

In September, Mirati Therapeutics, Inc. (NASDAQ:MRTX) announced results from a multicohort Phase 1/2 study evaluating adagrasib in patients with advanced colorectal cancer harboring a KRAS^G12C mutation. The results demonstrated promising clinical efficacy and favorable tolerability.

On September 26, JPMorgan analyst Anupam Rama lowered the price target on Mirati Therapeutics, Inc. (NASDAQ:MRTX) shares to $94 from $109 and maintained an ‘Overweight’ rating on the shares. The analyst sees “the updated KRYSTAL-7 results, expected in Q4, as having the potential to set adagrasib apart with a meaningful first-mover advantage and potential to drive 25%-40% upside in the shares.”

As of Q2 2022, 40 hedge funds owned shares of Mirati Therapeutics, Inc. (NASDAQ:MRTX), valued at $1.2 billion. VenBio Select Advisor is its largest shareholder with ownership of 5.6 million shares valued at $373 million.