MRTX - Mirati extends losses after KRAS inhibitor data; Stifel says selloff is overdone

Mirati Therapeutics (NASDAQ:MRTX) continued to trade lower in the pre-market after the clinical-stage oncology company updated data for its KRAS inhibitor, adagrasib, while Stifel defended the stock noting that the post-market selloff was “overdone.” The data were generated from a registration-enabling Phase 2 cohort of the KRYSTAL-1 study, which involved patients with non-small cell lung cancer (NSCLC) who underwent at least one prior systemic therapy. The results indicated an 80% of median progression-free survival ((mPFS)) and 12.6 months of median overall survival ((mOS)). The readout “more or less confirms the similarity of full dose Lumakras and adagrasib monotherapy,” Stifel analysts wrote, referring to a rival therapy developed by Amgen (AMGN) with a similar mechanism of action. However, the frontline setup in NSCLC offers a much larger sales opportunity, and the ability to combine with Merck (MRK) immunotherapy Keytruda will determine the eventual winner, the analysts added. Stifel attributes the selloff to

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Mirati extends losses after KRAS inhibitor data; Stifel says selloff is overdone