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Mirati Therapeutics Inc. (MRTX): Baker Bros. Advisors Increases Stake in Growing Stock

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Julian Baker and Felix Baker’s Baker Bros. Advisors recently disclosed an increase of around 929,700 shares to its position in Mirati Therapeutics, Inc. (NASDAQ:MRTX). According to the 13D Form filed with the U.S. Securities and Exchange Commission, the hedge fund now owns approximately 3.3 million common shares, representing 19.9% of the company’s outstanding stock. Since Mirati Therapeutics went public in July of 2013, the investment firm has held a stake in the biopharmaceutical company, disclosing a position of 1.9 million shares as of the end of that year’s third quarter.Felix Baker - Baker Bros.

Baker Bros. Advisors is a New York City-based hedge fund that was founded in 2000 by Julian Baker and Felix Baker. The firm invests almost exclusively in the health care sector, with more than 99% of its equity holdings stemming from this industry. As of its latest 13F filing, the fund’s equity portfolio had a market value of $7.9 billion. Its largest position at the end of the third quarter of 2014 was Pharmacyclics, Inc. (NASDAQ:PCYC), accounting for more than 14% of Baker Bros. Advisors’ equity portfolio. Seattle Genetics, Inc. (NASDAQ:SGEN) was also among the fund’s top 3 picks during this time. The investment firm had increased its activist stake in the company in December of 2013 considerably, becoming the company’s largest institutional investor. Finally, Baker Bros is also bullish on Synageva Biopharma Corp (NASDAQ:GEVA), which became its third largest position in mid-2014, after the conversion of  Non-Qualified Stock Options held by the  hedge fund since 2005.

Although Mirati Therapeutics, Inc. (NASDAQ:MRTX) is not one of Baker Bros. Advisors’ most important positions, the New York City-based firm is the biopharmaceutical company’s largest institutional investor. In addition to Baker Bros, Mirati Therapeutics is also backed by Samuel Isaly’s Orbimed Advisors, which holds a stake of 1.16 million shares. Daniel Gold’s QVT Financial is also backing the company, revealing a significant holding in its last 13F filing, which amounted to 507,100 shares of Mirati’s common stock. Finally, Kevin C. Tang’s Tang Capital Management increased its stake in the company not too long ago and disclosed that it now holds a position of 603,900 shares.

Baker Bros. Advisors increased its stake in Mirati Therapeutics, Inc. (NASDAQ:MRTX) on January 28th, after the company announced its intention to sell shares of its common stock in an underwritten public offering that will close this week. The pharmaceutical company will offer 2,250,000 shares of its common stock at a price of $20.00 per share, thus generating gross proceeds of $45 million.

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