Mirati (MRTX) Down 17.6% Since Last Earnings Report: Can It Rebound?
It has been about a month since the last earnings report for Mirati (MRTX). Shares have lost about 17.6% 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.
Q1 Earnings & Sales Beat Estimates
Mirati reported a loss of $3.18 per share for first-quarter 2023, narrower than the Zacks Consensus Estimate of a loss of $3.47 as well as the year-ago quarters loss of $3.40 per share.
Mirati reported $7.2 million in revenues for the first quarter, beating the Zacks Consensus Estimate of $5 million. Mirati had recorded revenues of $1 million in the year-ago quarter.
Quarter in Detail
First-quarter revenues included $6.3 million as product revenues from Krazati/adagrasib, Miratis newly approved cancer drug.The first quarter of 2023 was the first full quarter of Krazati revenues. In fourth-quarter 2022, Krazati generated initial sales of $0.7 million which was mostly associated with inventory in the channel.