MRTX - Mirati rallies 25% most in over three years as JMP upgrades

Mirati Therapeutics (NASDAQ:MRTX) jumped more than 25% in the morning hours Tuesday to record the biggest intraday gain  since June 2019 after JMP Securities upgraded the clinical-stage oncology company to Market Outperform from Market Perform. The analyst Silvan Tuerkcan points to the potential of the company’s KRAS inhibitor, adagrasib is which is currently undergoing FDA review under accelerated approval as a second-line option for non-small cell lung cancer (NSCLC). Mirati (MRTX) shares crashed last month after the company updated data from a registration-enabling mid-stage trial for the therapy in a second line setting for NSCLC. Despite “a muted update" as a second-line option, Tuerkcan highlights the prospects of adagrasib in a front line setting as a single agent or in combination with a PD-1 inhibitor. The price target set to $72 per share implies a ~72% upside from the last close. The upgrade follows the company’s newly released early stage data for

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Mirati rallies 25% most in over three years as JMP upgrades