NEW YORK, April 20, 2020 -- Fields Kupka & Shukurov LLP is investigating potential breach of fiduciary duty claims involving the board of directors of Mirati Therapeutics,.

NEW YORK, NY / ACCESSWIRE / April 22, 2020 / Levi & Korsinsky announces it has commenced an investigation of Mirati Therapeutics, Inc. (NASDAQ:MRTX) concerning possible breaches of fiduciary duty. To obtain ...

(Bloomberg) -- Since its founding more than three decades ago, Taiwan Semiconductor Manufacturing Co. has built its business by working behind the scenes to make customers like Apple Inc. and Qualcomm Inc. shine. Now the low-profile chipmaker has landed squarely in the middle of the U.S.-China trade war, an incalculably valuable asset that both sides are vying to control.The Trump administration opened up a new front in the conflict on Friday by barring any chipmaker using American equipment from supplying China’s Huawei Technologies Co. without U.S. government approval. That means TSMC and rivals will have to cut off Huawei unless they get waivers from the U.S. Commerce Dept. TSMC has already stopped accepting new orders from Huawei, the Nikkei newspaper reported Monday.The move threatens to wreak havoc throughout the complex ecosystem that produces technology for consumers and companies around the world. An attack on Huawei threatens not just its workers and its standing as a world leader in making smartphones and telecom equipment, but also hundreds of suppliers. The Chinese government has vowed to protect its national champion, with threats of retribution against U.S. companies that depend on China like Apple Inc. and Boeing Co.“China likely will retaliate, and investors should brace themselves for a possible trade war escalation,” Sanford C. Bernstein & Co. analysts led by Mark Li wrote in a research note on Friday.Read more: U.S. Tightens Rules to Crack Down on Huawei’s Chip Supply Huawei suppliers across Asia fell on Monday, with AAC Technologies Holdings Inc., Q Technology Group Co., Sunwoda Electronic and Lens Technology all sliding 5% or more. TSMC, which gets an estimated 14% of its revenue from Huawei, dropped as much as 2.5%.The U.S. already blacklisted Huawei last year, preventing American companies from supplying the Chinese company unless they got a license. The latest move tightens those restrictions to prevent chipmakers -- American or foreign -- from working with Huawei and its secretive chip-design unit HiSilicon on the cutting-edge semiconductors they need to make smartphones and communications equipment. The Trump administration sees Huawei as a dire security threat, an allegation the company denies.“We must amend our rules exploited by Huawei and HiSilicon and prevent U.S. technologies from enabling malign activities contrary to U.S. national security and foreign policy interests,” Commerce Secretary Wilbur Ross said in a tweet.Huawei countered by accusing the U.S. of ulterior motives.“The so-called cybersecurity reasons are merely an excuse,” Richard Yu, head of the Chinese tech giant’s consumer electronics unit wrote in a post to his account on messaging app WeChat. “The key is the threat to the technology hegemony of the U.S” posed by Huawei, he added.The U.S. decision is likely to hurt not just Huawei and TSMC, but also a clutch of American players including gear-makers Applied Materials Inc., KLA and Lam Research Corp. themselves, Morgan Stanley analysts wrote. Disruptions to Huawei’s production will also hurt U.S. customers from Micron Technology Inc. and Qorvo Inc. to Texas Instruments Inc., they said. But “it bears repeating that any escalation of trade tensions is negative for the stocks overall,” they wrote in a research report.It would have been impossible to imagine TSMC becoming such a coveted chit between the world’s great powers when it was founded in 1987. Morris Chang, born in China and trained in the U.S., started the company as a so-called foundry, manufacturing semiconductors for any customer that didn’t want to construct its own fabrication facility, or fab.At the time, the business wasn’t nearly as glamorous as making chips yourself. Dominating the industry at the time were companies like Intel Corp. and Advanced Micro Devices Inc., which made processors for personal computers. “Real men have fabs,” AMD co-founder Jerry Sanders would say, making clear that was an insult.But in the intervening years, the foundry industry has become far more strategic for the technology industry. Customers from Apple and Huawei to Qualcomm and Nvidia Corp. have found they can innovate more quickly if they focus on chip designs and then turn to foundries like TSMC to produce them. Innovators in emerging technologies like artificial intelligence or the internet of things also depend on foundries to crack open new markets.Today, many of the chips for mobile phones, autonomous vehicles, artificial intelligence and any other key technology are made at foundries. TSMC has become the leading foundry in the world by investing heavily in ever more advanced fabs, with annual capital spending of about $16 billion this year.It can now manufacture at 5 nanometers, about twice the width of human DNA, while China’s top foundry, Semiconductor Manufacturing International Corp., or SMIC, is at 14 nanometers. That makes TSMC’s chips far more powerful and energy efficient.Huawei and HiSilicon will have few good options if they are cut off from TSMC. One possibility is to procure off-the-shelf chips from Taiwan’s MediaTek Inc. and South Korea’s Samsung Electronics Co., an option Huawei’s rotating Chairman Eric Xu mentioned in late March. But even that may no longer be viable under the new Commerce restrictions.SMIC itself is keen on moving up the technology ladder, eyeing a secondary share listing that could raise more than $3 billion on top of a large capital infusion from the state.Read more: China Injects $2.2 Billion Into Local Chip Firm Amid U.S. CurbsBut that’s a longer-term endeavor and Huawei’s products meanwhile are likely to suffer, putting them at risk of falling behind those of rivals like Apple or Xiaomi Corp.For TSMC, it’s growing ever more difficult to remain neutral amid the growing tensions between the U.S. and China. The company brands itself “everybody’s foundry,” effectively the Switzerland of the tech industry. It supplies Chinese customers like Huawei and the American military, while relying on U.S. producers of semiconductor-making equipment like Applied Materials and Lam Research.TSMC did take one step closer to the U.S. last week, saying it would build a $12 billion chip plant in Arizona. The Department of Defense has expressed concern that overseas fabs may be vulnerable to cyberattacks and domestic manufacturing would assure a more reliable supply of chips.The proposal appears to be carefully calculated to address such security issues without too much damage to profits or its political balancing act. Suppliers to the military, such as Xilinx Inc., would be able to use the U.S. fab, but the facility would likely account for less than 5% of revenue so margins won’t be compromised.It’s not clear if the plans for a U.S. plant will win TSMC leniency in supplying Huawei, however.“TSMC will not be granted or granted a license based on their intent to build a 5 nanometer fab here in the United States. That’s not part of it at all,” Keith Krach, undersecretary for economic growth, energy and the environment at the State Department, told reporters on a call. “There’s no assurance on that and we don’t anticipate that.”Meanwhile, China appears to be preparing to retaliate for the new restrictions on Huawei. On Friday, the Global Times -- a Chinese tabloid run by the flagship newspaper of the Communist Party -- reported Beijing was ready to initiate countermeasures, including imposing restrictions on Apple, suspending the purchase of Boeing airplanes and putting U.S. companies on an ‘unreliable entity list.’The list will cover “foreign entities that cause actual or potential damage to Chinese companies and industries,” the newspaper said.(Updates with Nikkei report in second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Mirati (MRTX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Company’s shares up 70% just days after public offering Continue reading...

Mirati Therapeutics crumbled Tuesday after Kerrisdale Capital shorted MRTX stock on doubts surrounding the company's key cancer treatment. The drug would inhibit a known cancer driver.

Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, today reported financial results for the fourth quarter and full year-ended December 31, 2019.

Purcell Julie & Lefkowitz LLP, a class action law firm dedicated to representing shareholders nationwide, is investigating a potential breach of fiduciary duty claim involving the board of directors of Mirati Therapeutics, Inc. (NASDAQ: MRTX).

If you own shares in Mirati Therapeutics, Inc. (NASDAQ:MRTX) then it's worth thinking about how it contributes to the...

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). We'll apply a basic P/E...

Mirati Therapeutics, Inc. (Nasdaq: MRTX) today announced the pricing of an underwritten public offering of 3,076,924 shares of its common stock at a price to the public of $97.50 per share. The aggregate gross proceeds from this offering are expected to be approximately $300.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Mirati. The offering is expected to close on or about January 14, 2020, subject to customary closing conditions. Mirati has also granted the underwriters a 30-day option to purchase up to an additional 461,538 shares of common stock in connection with the public offering. All of the shares are being sold by Mirati.

We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]

Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, today announced it will present preclinical data on the Company's pipeline of novel therapeutics in three presentations at the American Association for Cancer Research Virtual Annual Meeting II, taking place June 22-24, 2020. The data to be presented will include preclinical findings on MRTX849, a novel and optimized KRAS G12C inhibitor.

Mirati Therapeutics, Inc. (Nasdaq: MRTX) today announced the closing of its previously announced underwritten public offering of 3,538,462 shares of its common stock at a public offering price of $97.50 per share. This includes the exercise in full by the underwriters of their option to purchase up to 461,538 additional shares of common stock. The aggregate gross proceeds to Mirati from this offering were approximately $345.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Mirati.

Mirati Therapeutics, Inc. (Nasdaq: MRTX), a clinical stage targeted oncology company, today announced the grants of inducement non-qualified stock options to purchase an aggregate of 26,712 shares of common stock and an aggregate of 16,659 restricted stock units ("RSUs") to three new employees.

Mirati Therapeutics Inc (NASDAQ: MRTX) shares were seeing weakness Tuesday after short seller Kerrisdale Capital released a bleak report concerning its two investigational assets.Mirati's lead cancer drug candidate sitravatinib, a multi-kinase inhibitor, has not lived up to its promise, according to Kerrisdale.All of its prospects for single-agent potential have evaporated, and the combo studies looking like more of a diversion attempt rather than a legitimate therapeutic candidate with a scientific rationale, the short seller said in the report.It was the promise held out by sitravatinib that propelled Mirati to become a $1-billion biotech, according to Kerrisdale. Kerrisdale said this leaves Mirati relying on its KRAS inhibitor MRTX-849 to defend its multibillion-dollar valuation. The total addressable market opportunity of $7 billion touted by Mirati is "laughable," according to the short seller. Benzinga has contacted Mirati for comment on the short report. Short Seller Says Mirati Has 'Single Dead-End Compound' A combo treatment approach along with a checkpoint inhibitor presents a remote chance of MRTX-849 being approved for a first-line setting, but the odds of that happening are close to "zero," according to the short report. In second-line setting, the TAM opportunity is merely $600 million-$800 million, according to Kerrisdale.The firm is of the view that even if MRTX-849 is approved for this indication in the future, Mirati's market share wouldn't be very high, given the likelihood of Amgen, Inc. (NASDAQ: AMGN) dominating due to its financial and marketing muscle and first-mover advantage."Mirati's opportunity set is therefore best described as an extremely low-percentage chance of attaining a low-percentage share of a $600-800 million market circa 2025," Kerrisdale said in the report.That's only a fraction of Mirati's $4.6 billion market-cap."Investors who have gambled on the M&A prospects of what amounts to a single dead-end compound will soon find out they're on the wrong path," the short report said. At last check, Mirati shares were sliding 8.24% to $87.52.Related Links:The Week Ahead In Biotech (April 19-25): Eli Lilly, Biogen Earnings On Tap, Sanofi Awaits FDA Decision Moderna Gains More Than 40% This Week: What You Should Know See more from Benzinga * Lyft Shares Attractive, Argus Says In Bullish Initiation * The Daily Biotech Pulse: Applied DNA Begins Validating COVID-19 Test, Cara's Positive Readout, Novan Explores Strategic Alternatives * BofA's Stock Picks For Income Funds In 'Extremely Volatile' Earnings Season(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, today announced that Joseph Leveque, M.D. has been named Chief Medical Officer effective May 18, 2020. Isan Chen, M.D., will step down as Chief Medical and Development Officer to lead an early-stage biotech company, however, Dr. Chen will continue to act as an advisor to Mirati.

Fund reveals 1st-quarter trades Continue reading...

As you might know, Mirati Therapeutics, Inc. (NASDAQ:MRTX) just kicked off its latest full-year results with some very...

Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical stage targeted oncology company, today announced the presentation of initial data from an ongoing investigator sponsored Phase 1/2 clinical trial of sitravatinib in combination with nivolumab (OPDIVO®) in patients with advanced clear cell renal cell cancer (aCCRCC) who have documented progression on a prior VEGF-targeted therapy. The data were presented today in an oral abstract presentation by Pavlos Msaouel, M.D., Ph.D., Assistant Professor, Department of Genitourinary Medical Oncology, Division of Cancer Medicine, The University of Texas MD Anderson Cancer Center, at the 2020 ASCO Genitourinary Cancers Symposium in San Francisco, CA.