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Fly News Breaks for June 6, 2016
MRTX
Jun 6, 2016 | 09:16 EDT
Leerink analyst Michael Schmidt downgraded Mirati Therapeutics to Market Perform from Outperform following updates on its lead pipeline asset, glesatinib, that he called "disappointing." The updated Phase Ib trial data in non-small cell lung cancer patients with genetic c-Met alterations included one new RECIST response in addition to two previously reported responses in now 11 patients enrolled and a 20% overall response rate, while Mirati has changed the drug's formulation due to bioavailability/tolerability issues, Schmidt noted. The analyst adds that other c-Met inhibitors have been generating promising data at ASCO and could pose potential competition. The analyst lowered his price target on Mirati shares to $20 from $37, reflecting a lower probability attributed to the potential success for glesatinib.
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