MRTX - Mirati non-small cell lung cancer treatment adagrasib gains FDA approval - Bloomberg

• The US FDA has approved Mirati Therapeutics' ( NASDAQ: MRTX ) Krazati (adagrasib) a second-line treatment for non-small cell lung cancer, Bloomberg reported.
• The oral small molecule inhibitor of KRAS is for previously treated KRAS G12C –positive patients.
• Shares are up 9% in post-market trading.
• Mirati ( MRTX ) shares were hit recently following combination data of Krazati in combination with Keytruda (pembrolizumab). Several Street firms cut their ratings on the stock in response .
• Krazati is expected to compete against Amgen's ( AMGN ) Lumaras (sotorasib). Seeking Alpha contributor Avisol Capital Partners has argued that adagrasib approval in NSCLC would serve as a stepping stone to further approvals, particularly in colorectal and pancreatic cancer, where it already has good data .

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