MRTX - Mirati jumps 11% as Amgen meets key goal for rival cancer drug

• The shares of clinical-stage biotech Mirati Therapeutics ( NASDAQ: MRTX ) added ~11% in the pre-market trading Wednesday after Amgen ( AMGN ) announced a lung cancer medication that rivals the company’s key asset adagrasib reached the primary objective in a late-stage trial.
• AMGN’s Lumakras is a KRAS G12C inhibitor similar to MRTX’s adagrasib, which is currently undergoing the U.S. regulatory review for non-small cell lung cancer (NSCLC) as a second-line option.
• While the FDA has already approved Lumakras for certain patients with NSCLC, its continued approval depends on the results of confirmatory trials.
• Announcing topline data from a Phase 3 trial, AMGN said Tuesday that the once-daily oral therapy met the primary endpoint of progression-free survival (PFS) compared to standard of care chemotherapy in NSCLC, an event with de-risking potential for adagrasib.
• Read: Noting that MRTX lacks significant benefits over AMGN in NSCLC., Seeking Alpha contributor Avisol Capital Partners points to the prospects of adagrasib in colorectal cancer and pancreatic cancers.

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