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MRTX

Mirati Therapeutics

20:03
06/05/16
06/05
20:03
06/05/16
20:03

Mirati update at ASCO raises tolerability concerns, says Piper Jaffray

Piper Jaffray analyst Steven Breazzano says Mirati Therapeutics ' top-line results for lead drug glesatinib at ASCO this weekend had a response rate of 27%, which is a slippage from the prior update of 50%. Tolerability, particularly diarrhea, appeared to have significantly affected efficacy with multiple dose reductions/discontinuations leading to suboptimal responses below the partial responses threshold, Breazzano tells investors in a research note. While the update may be disappointing to some investors, Mirati is evaluating a new formulation to improve bioavailability which appears promising, the analyst points out. He lowered his price target for the shares to $14 from $17 and keeps a Neutral rating on the shares.

MRTX Mirati Therapeutics

02/17/16
JEFF
02/17/16
INITIATION
Target $33
JEFF
Buy
Mirati Therapeutics assumed with a Buy at Jefferies
Jefferies analyst Brian Abrahams assumed coverage of Mirati Therapeutics with a Buy rating and $33 price target.
03/01/16
RHCO
03/01/16
INITIATION
Target $32
RHCO
Buy
Mirati Therapeutics initiated with a Buy at SunTrust
Target $32.
03/29/16
SBSH
03/29/16
NO CHANGE
SBSH
Citi lays out potential targets for next biotech M&A wave
Citi analyst Yigal Nochomovitz believes the setup for the next acquisition cycle in the biotech space is here, but that biotech management's desire to do deals is the missing catalyst. He thinks another one-to-three quarters is needed before "reset valuations are better absorbed as the new reality." Large cap pharma and biotech companies are cash rich and have signaled repeatedly over last year that they are looking for new assets, Nochomovitz tells investors in a research note. He sees a "greater probability" of a takeover over the next 12-18 months for Ardelyx (ARDX), Medivation (MDVN), Ophthotech (OPHT), Puma Biotechnology (PBYI), Portola Pharmaceuticals (PTLA), Ultragenyx (RARE), Relypsa (RLYP) and Versartis (VSAR). He sees a "moderate probability" of a takeover for Anthera (ANTH), Loxo Oncology (LOXO), MacroGenics (MGNX) and Mirati Therapeutics (MRTX). Nochomovitz also sees a "lower probability" of a buyout for Atara Biotherapeutics (ATRA), Chimerix (CMRX), Keryx (KERX) and Mirna Therapeutics (MIRN).
05/12/16
PIPR
05/12/16
INITIATION
Target $17
PIPR
Neutral
Mirati Therapeutics assumed with a Neutral at Piper Jaffray
Piper Jaffray analyst Steven Breazzano assumed coverage of Mirati Therapeutics with a Neutral rating and $17 price target.

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