MRTX - Why Mirati Therapeutics Stock Is Plunging Today
Shares of the clinical-stage oncology company Mirati Therapeutics (NASDAQ: MRTX) are under heavy pressure today following the U.S. Food and Drug Administration's acceptance of its New Drug Application for adagrasib as a treatment for patients with non-small cell lung cancer harboring the KRAS-G12C mutation. The biopharma's stock is down by a noteworthy 14.7% as of 12:22 p.m. ET on Wednesday.
Normally, the FDA accepting a company's New Drug Application for a key value driver would be a positive catalyst. In this case, however, investors aren't pleased with the FDA's target action date of Dec. 14, 2022.
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Why Mirati Therapeutics Stock Is Plunging Today