MRTX - Mirati shares fall 13% due to disappointing sales of Amgen rival lung cancer drug

Shares of Mirati Therapeutics (MRTX -13.2%) are down significantly today as a consequence of poor quarterly sales of Amgen's (AMGN +8.4%) Lumakras (sotorasib) non-small cell lung cancer ("NSCLC") treatment. Mirati's adagrasib is a rival KRAS inhibitor in late-stage development also for NSCLC. In its Q4 2021 earnings results yesterday, Amgen reported Lumakras sales for the quarter of $45M, well below the consensus estimate of $61.7M. The oncologic was just approved last year. The less-than-expected Lumakras revenue is seen by some as an indication that sales of KRAS inhibitors for NSCLC may not be as strong as anticipated. Mirarti will report its quarterly earnings on Feb. 24 and an update on commercial plans for adagrasib is expected. Check out Seeking Alpha contributor Avisol Capital Partners' argument for why adagrasib may be potentially best-in-class in both colorectal cancer and NSCLC.

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Mirati shares fall 13% due to disappointing sales of Amgen rival lung cancer drug