| Over a week ago | ||||
BofA analyst Jason… BofA analyst Jason Gerberry downgraded Mirati Therapeutics to Underperform from Neutral with a $196 price target. | ||||
Guggenheim analyst… Guggenheim analyst Michael Schmidt downgraded Mirati Therapeutics to Neutral from Buy with a $230 price target. | ||||
Jefferies analyst Maury… Jefferies analyst Maury Raycroft downgraded Mirati Therapeutics (MRTX) to Hold from Buy with a price target of $208, up from $206. While recent stock momentum makes sense given the upside potential for a large KRAS market opportunity, he now thinks the current valuation is "extended," Raycroft tells investors. While he generally thought Mirati's data at the "Triple Meeting" were in-line to better than Amgen (AMGN), he also thinks the total clinical data primarily support mono-therapy KRAS G12C covalent inhibition potential and "only justify" a range-bound valuation, the analyst added. | ||||
H.C. Wainwright analyst… H.C. Wainwright analyst Edward White raised the firm's price target on Mirati Therapeutics to $265 from $233 and keeps a Buy rating on the shares following the company's Q3 results. The analyst says adagrasib remains on track. | ||||
Oppenheimer analyst Jay… Oppenheimer analyst Jay Olson raised the firm's price target on Mirati Therapeutics to $260 from $225 and keeps an Outperform rating on the shares. The analyst notes that the company reported Q3 R&D expenses of $79.9M and G&A expenses of $20.2M, plus $11.4M license and collaboration revenues, driving Q3 EPS of ($1.96). Mirati is in a strong cash position with $579.1M cash and cash equivalents, and the additional $879.7M estimated net proceeds from recently completed equity offering further strengthen its balance sheet, Olson adds. | ||||
Piper Sandler analyst… Piper Sandler analyst Tyler Van Buren raised the firm's price target on Mirati Therapeutics to $260 from $210 and keeps an Overweight rating on the shares. The stock closed Wednesday up 6% to $234.68. Mirati shares are trading like the company is going to be acquired, and "rightfully so" as adagrasib appears to be the best-in-class KRAS G12C, Van Buren tells investors in a research note. The analyst has a high level of confidence in adagrasib's approvability and its potential to take a "majority share" of the $5B-plus KRAS G12C market. Most large pharma companies that play in the solid tumor/targeted oncology area are interested in an asset like adagrasib and an acquisition "could come in the very near future," says Van Buren. He thinks Mirati Therapeutics has become the "prime biotech takeout candidate." | |
Reports Q3 revenue… Reports Q3 revenue $11.4M, consensus $2.69M. "Q3 was notable for significant progress and we have begun the fourth quarter with positive momentum. At the 32nd EORTC-NCI-AACR Symposium on Molecular Targets and Therapeutics last week, we presented preliminary adagrasib data across multiple tumors, which highlighted the potential for this exciting and differentiated program. We have completed enrollment in our Phase 2 potentially registration-enabling monotherapy trial in 2nd or 3rd line non-small cell lung cancer patients, which will enable our anticipated NDA filing to the FDA for accelerated approval in the second half of 2021." said CEO Charles Baum. "We presented the first preclinical data for MRTX1133, a potentially first in class, potent, selective and reversible inhibitor of KRAS G12D in both its active and inactive states. MRTX1133 demonstrated significant tumor regression in several preclinical tumor models, and we anticipate filing an IND in the first half of 2021. Our recent public offering provides the resources to accelerate and expand development across our pipeline, including sitravatinib, adagrasib, MRTX1133 and discovery programs, as we continue to build our organization, prepare for commercialization and strive to bring novel therapies to cancer patients and their families." | |
H.C. Wainwright analyst… H.C. Wainwright analyst Edward White lowered the firm's price target on Mirati Therapeutics to $233 from $238 and keeps a Buy rating on the shares to reflect dilution from the recent stock offering. |
| Over a month ago | ||||
Catch up on today's… Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. BioNTech (BNTX) initiated with a Buy at Commerzbank. 2. Angi Homeservices (ANGI) initiated with an Outperform at Credit Suisse. 3. ADC Therapeutics (ADCT) initiated with a Buy at H.C. Wainwright. 4. Mirati Therapeutics (MRTX) reinstated with an Outperform at Credit Suisse. 5. Service Properties (SVC) initiated with a Neutral at BTIG. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here. | ||||
Barclays analyst Gena… Barclays analyst Gena Wang raised the firm's price target on Mirati Therapeutics to $244 from $143 and keeps an Overweight rating on the shares. Key opinion leaders the analyst spoke to were impressed with adagrasib's overall response rates of 45%, the depth of response, and efficacy in STX11 co-mutation patients. The firm's new target reflects a higher probability of success and larger market share of adagrasib in non-small-cell lung carcinoma and market potential for MRTX1133, Wang tells investors in a research note. | ||||