MRTX - Why Shares of Mirati Therapeutics Are Jumping Wednesday
2023-08-09 10:56:05 ET
Shares of Mirati Therapeutics (NASDAQ: MRTX) are up more than 27% as of 10:25 a.m. ET. The company released earnings after the markets closed on Tuesday. The healthcare stock is down more than 21% so far this year.
Mirati is a biotech company that focuses on therapies to treat cancer. After the markets closed on Tuesday, the company reported fiscal 2023 third-quarter revenue of $13.7 million, up 154% year over year and a net loss of $176.9 million compared to a loss of $176.5 million in the same period a year ago. The company also had several updates regarding its pipeline and management.
Mirati said it plans to begin a phase 3 combination study of adagrasib with pembrolizumab as a treatment for non-small cell lung cancer (NSCLC) in patients with a tumor proportion score (TPS) greater than 50%. The company also said MRTX1719 showed a good safety profile and early signs of effectiveness in a phase 1 study to treat solid tumors with MTAP-gene deletions.
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Why Shares of Mirati Therapeutics Are Jumping Wednesday