5 Oversold Biotech Stocks to Buy

3. Mirati Therapeutics, Inc. (NASDAQ:MRTX)

14-day RSI as of July 25: 25.76

Number of Hedge Fund Holders: 38

Mirati Therapeutics, Inc. (NASDAQ:MRTX) is a clinical-stage biotechnology company focused on discovery, design, and delivery of breakthrough therapies for cancer patients, including lung cancer, and  a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer.

On July 21, Mirati Therapeutics, Inc. (NASDAQ:MRTX) announced that the European Medicine Agency’s Committee for Medicinal Products for Human Use (CHMP) issued a negative opinion on the Conditional Marketing Authorisation Application for its FDA-approved drug, KRAZATI® (adagrasib) for treatment of patients with KRASG12C -mutated advanced non-small cell lung cancer. The company intends to request a formal re-examination of its application.

On July 24, Barclays analyst Gena Wang lowered the price target on Mirati Therapeutics, Inc. (NASDAQ:MRTX) shares to $71 from $75 and maintained an ‘Overweight’ rating on the shares.

As of Q1 2023, 38 hedge funds owned shares of Mirati Therapeutics, Inc. (NASDAQ:MRTX), valued at $786 million. Kurt Von Emster’s VenBio Select Advisor was its largest shareholder with ownership of 5.6 million shares valued at $207 million.