MRTX - Mirati in pact with Cowen for sale of $500M of common stock

sefa ozel/iStock via Getty Images Mirati Therapeutics ([[MRTX]] -2.2%) is trading lower today after announcing a sales agreement with Cowen and Company, LLC for the sale of $500M of common stock at a par value of $0.001 per share. Per the terms of the agreement signed on July 02, “Cowen will use its commercially reasonable efforts to sell the Shares from time to time,” subject to instructions from the company, Mirati said in a regulatory filing submitted last Friday. As indicated in the graph, Mirati has well outperformed the broader market over the past 12-month period. Despite the very bearish view indicated by Seeking Alpha Quant Ratings for the company, SA author BioSci Capital Partners remains bullish on Mirati noting its upcoming catalysts with the potential to drive the stock price even higher.

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Mirati in pact with Cowen for sale of $500M of common stock