According to insider sources, several large pharmaceutical companies are showing interest in acquiring Mirati Therapeutics. This comes at a time when the oncology company is considering its strategic alternatives, such as a sale.
The insider sources claim that there currently aren’t any formal bids for the company. Even so, Mirati Therapeutics has engaged an advisor to help it navigate any potential takeover offers that come in.
A takeover could be mutually beneficial to both companies. It would provide Mirati Therapeutics with the funding needed to continue its research. At the same time, large pharmaceutical companies could expand their offerings into the cancer drug market.
Wednesday MRTX Stock Movement
Investors are reacting well to the prospect of a Mirati Therapeutics takeover with heavy trading volume today. As of this writing, more than 950,000 shares of MRTX stock have changed hands. That’s already surpassed the company’s daily average trading volume of about 928,000 shares.
MRTX stock is up 5% as of Wednesday morning. However, the cancer therapeutics company’s shares are still down 40.3% since the start of the year.
Investors seeking out all of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the most recent stock news traders need to know about on Wednesday! A few examples of that include what’s going on with shares of Carvana (NASDAQ:CVNA) stock, HP (NYSE:HPQ) announcing layoffs, as well as an upgrade for Tesla (NASDAQ:TSLA) stock. You can catch up on all of this news by checking out the links below!
More Stock Market News for Wednesday
- Insiders Are Buying Up Carvana (CVNA) Stock. Here’s Why.
- HP Layoffs 2022: What to Know About HPQ Job Cuts
- Citi Analyst Upgrades Tesla (TSLA) Stock
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.