A month has gone by since the last earnings report for Mirati . Shares have lost about 6% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Mirati due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Mirati Q4 Earnings and Sales Fall Short of Estimates
Mirati reported fourth-quarter loss of $3.72 per share, which was wider than the Zacks Consensus Estimate of a loss of $3.01 and the year-ago loss of $2.08.
Mirati reported $0.3 million as collaboration revenues for the fourth quarter compared with $1.7 million in the year-ago quarter. The Zacks Consensus Estimate was $8.0 million.
Quarter in Detail
Research and development expenses rose 86% from the prior-year quarter to $153.8 million due to an increase in development expenses of its lead pipeline candidates, adagrasib and sitravatinib, preclinical as well as early discovery activities and higher employee-related expenses.
General and administrative expenses rose 71.8% from the year-ago quarter to $43.5 million due to an increase in professional services expenses and higher employee-related costs in the quarter.
Cash, cash equivalents and short-term investments as of Dec 31, 2021 were $1.5 billion compared with $1.2 billion as of Sep 30, 2021.
Full-Year 2021 Results
The company recorded total revenues of $72.1 million for 2021 compared with $13.4 million in 2020.
The net loss per share was $11.21 compared with a loss of $7.96 in 2020.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended downward during the past month.
The consensus estimate has shifted -6.03% due to these changes.
VGM Scores
Currently, Mirati has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. Charting a somewhat similar path, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Mirati has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
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Mirati (MRTX) Down 6% Since Last Earnings Report: Can It Rebound?
A month has gone by since the last earnings report for Mirati . Shares have lost about 6% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Mirati due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Mirati Q4 Earnings and Sales Fall Short of Estimates
Mirati reported fourth-quarter loss of $3.72 per share, which was wider than the Zacks Consensus Estimate of a loss of $3.01 and the year-ago loss of $2.08.
Mirati reported $0.3 million as collaboration revenues for the fourth quarter compared with $1.7 million in the year-ago quarter. The Zacks Consensus Estimate was $8.0 million.
Quarter in Detail
Research and development expenses rose 86% from the prior-year quarter to $153.8 million due to an increase in development expenses of its lead pipeline candidates, adagrasib and sitravatinib, preclinical as well as early discovery activities and higher employee-related expenses.
General and administrative expenses rose 71.8% from the year-ago quarter to $43.5 million due to an increase in professional services expenses and higher employee-related costs in the quarter.
Cash, cash equivalents and short-term investments as of Dec 31, 2021 were $1.5 billion compared with $1.2 billion as of Sep 30, 2021.
Full-Year 2021 Results
The company recorded total revenues of $72.1 million for 2021 compared with $13.4 million in 2020.
The net loss per share was $11.21 compared with a loss of $7.96 in 2020.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended downward during the past month.
The consensus estimate has shifted -6.03% due to these changes.
VGM Scores
Currently, Mirati has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. Charting a somewhat similar path, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Mirati has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.