MRTX - Citi upgrades Mirati to buy; cites valuation leadership change

2023-08-10 14:59:33 ET

Citi has upgraded its rating for Mirati Therapeutics ( NASDAQ: MRTX ) to buy, citing the company's decision to have its founder serve as interim CEO, an improved risk/reward profile, and comparatively low valuation.

Citi said that it believes the stock's valuation remains "depressed" relative to late-2022, despite a more than 30% gain on Wednesday following news of the leadership change and positive clinical updates.

The investment bank said it believes Mirati's story will "begin to evolve" beyond G12C over roughly the next 12 months as multiple readouts are expected for earlier stage programs.

Despite the upgrade, Citi lowered its price target for Mirati to $48 from $51.

More on Mirati:

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Mirati Therapeutics, Inc. ( MRTX ) Q2 2023 Earnings Call Transcript

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