On Monday, Mirati Therapeutics, Inc. (NASDAQ:MRTX)’s shares inclined 46.29% to $46.29.
Mirati Therapeutics, Inc. (MRTX) declared that it intends to offer and sell, subject to market and other conditions, about $80 million of shares of its common stock in an underwritten public offering. Mirati anticipates to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering. All of the shares are being offered by Mirati. There can be no assurance as to whether or when the offering may be accomplished, or as to the actual size or terms of the offering.
Citigroup, Barclays and Leerink Partners are acting as joint book-running managers in the offering.
The shares of common stock described above are being offered by Mirati following a shelf registration statement filed by Mirati with the Securities and Exchange Commission (“SEC”) that was declared effective on September 24, 2014. A preliminary prospectus supplement and accompanying prospectus regardingthe offering will be filed with the SEC and will be accessible on the SEC’s website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus regardingthe offering, when accessible, may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146, or by email at [email protected]; or from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (888) 603-5847, or by email at [email protected]; or from Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525 ext. 6142, or by email at [email protected].
Mirati Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops a pipeline of products targeting oncology. Its clinical stage product candidates comprise MGCD265, a multi-targeted kinase inhibitor that is in Phase 1b clinical development trials for the treatment of solid tumors indications, counting lung, head and neck, and gastric cancers; MGCD516, a kinase inhibitor, which is in Phase 1 clinical development for the treatment of patients with non-small cell lung cancer and solid tumors; and Mocetinostat, an orally-bioaccessible histone deacetylase inhibitor that is in Phase 2 clinical trial development for patients with bladder cancer, myelodysplastic syndrome, and non-hodgkins lymphoma, principally diffuse large B-cell lymphoma and follicular lymphoma.
Parker Drilling Company (NYSE:PKD)’s shares dropped -0.37% to $2.72.
Parker Drilling Company (PKD) declared the election of Mr. Peter T. Fontana to the Company’s board of directors. An oil and gas industry veteran with over 30 years of experience, Mr. Fontana brings extensive international oilfield services and technical operations expertise to the Company. With the addition of Mr. Fontana, the board’s total membership is now 10. He will also serve on the board’s audit committee.
Mr. Fontana is the former chief operating officer of Weatherford International, a global provider of equipment and services used in drilling, evaluation, completion, production and intervention of oil and natural gas wells. He stepped down from Weatherford in 2013, having served as chief operating officer since 2010. Mr. Fontana joined Weatherford in January 2005. Preceding to joining Weatherford, Mr. Fontana held leadership positions with Baker Hughes, Forasol/Foramer and The Western Company of North America.
Parker Drilling Company, together with its auxiliaries, provides contract drilling and drilling-related services and rental tools in the United States, Latin America, Africa, the Middle East, the Asia Pacific, Europe, and the Commonwealth of Independent States. It operates in five segments: Rental Tools; U.S. Barge Drilling; U.S. Drilling; International Drilling; and Technical Services.
At the end of Monday’s trade, DHT Holdings Inc (NYSE:DHT)‘s shares surged 0.27% to $7.42.
Senior decision makers from the maritime, finance and investment communities will get together at Capital Link’s 7th Annual Global Commodities, Energy & Shipping Forum on Wednesday, September 16, 2015 at the Metropolitan Club in New York City.
DHT Holdings, Inc. operates crude oil tankers in Bermuda. As of March 10, 2015, its fleet compriseed of 18 crude oil tankers, counting 14 very large crude carriers, 2 Suezmax tankers, and 2 Aframax tankers. The company was incorporated in 2005 and is headquartered in Hamilton, Bermuda.
Moody’s Corporation (NYSE:MCO), ended its Monday’s trading session with -0.64% loss, and closed at $100.92.
Moody’s Corporation (MCO) has updated its methodology for the financial statement adjustments it uses in rating analysis for non-financial corporate globally. The main changes are revised standard adjustments for operating leases and refinement of the criteria for when adjustments are made for securitizations and factoring arrangements.
The updated methodology, “Financial Statement Adjustments in the Analysis of Non-Financial Corporations,” is now accessible on www.moodys.com and can be accessed via this link: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_181430. The update follows a market consultation initiated via a Request for Comment that was published in April 2015.
The most noteworthy changes relate to Moody’s approach to operating leases, placing greater emphasis on capitalizing the minimum legal obligation under lease commitments, which the rating agency estimates by a present value calculation. Moody’s previous approach to capitalizing operating leases derived a debt adjustment for most issuers from a multiple of annual rent. The multiples Moody’s used varied by sector and were established to align with a scenario in which a company borrows to buy assets rather than leasing them. The lower adjusted debt amounts that result in most cases under Moody’s updated approach align with a view that companies leasing assets have more flexibility in their legal and financial arrangements than when they incur debt to purchase the assets.
Under the updated methodology, Moody’s will continue adjusting debt by calculating a present value for each company. The rating agency will use this amount or the amount derived from the use of a sector multiple applied to annual rent. However, present value will be the basis for the capitalized debt amount for many more companies than before because the sector multiples will be lower than they were formerly in almost all cases. Ranging from 3x to 6x, rather than 5x to 8x, the new multiples will serve as a minimum floor to the present value calculation because Moody’s anticipates that companies with very short lease tenors will renew most leases.
Moody’s Corporation provides credit ratings; and credit, capital markets, and economic related research, data, and analytical tools worldwide. The company operates through Moody’s Investors Service and Moody’s Analytics segments. The Moody’s Investors Service segment publishes credit ratings on debt obligations and entities that issue such obligations comprising various corporate and governmental obligations, structured finance securities, and commercial paper programs. This segment provides ratings in about 120 countries.
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