MRTX - Mirati price targets cut at Street firms following longer adagrasib review timeline

At least two Street firms have cut price targets on Mirati Therapeutics (MRTX -15.1%) after the company Tuesday said its New Drug Application for its KRAS inhibitor adagrasib will get a standard 10-month review. Investors were hoping for an accelerated approval timeline of six months, which is what Amgen's (AMGN -1.0%) rival KRAS inhibitor Lumakras (sotorasib) received. Lumakras won FDA approval in 2021. Both adagrasib and Lumakras are for the treatment of non-small cell lung cancer. While JP Morgan is keeping its overweight rating, it's cutting its price target to $121 from $199 (~13% upside based on Tuesday's close). JonesTrading is keeping its buy rating, but is lowering its target to $165 from $300 (~54% upside). Seeking Alpha contributor Avisol Capital Partners argues that adagrasib may be better than Lumakras.

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Mirati price targets cut at Street firms following longer adagrasib review timeline