Mirati Therapeutics jumps 15% after Amgen's data on KRAS G12C shows promise

Shares of Mirati Therapeutics (MRTX), a clinical-stage oncology company, are moving higher after biotech rival Amgen (AMGN) posted Phase 1 data on KRAS G12C inhibitor AMG 510. Mirati is in the process of developing a KRAS G12C inhibitor called MRTX849, currently in IND-enabling studies. AMGEN'S TREATMENT: According to an ASCO abstract, AMG 510 has been well tolerated at the dose levels tested and has shown antitumor activity when administered as monotherapy to patients with advanced KRASG12C mutant solid tumors. ANALYST VIEW: Back in mid-April, JPMorgan analyst Anupam Rama started Mirati Therapeutics with a Neutral rating and $72 price target . The value for the company's broader pipeline is already somewhat reflected in the shares at current levels, Rama told investors in a research note. Further, "value-creating catalysts" are more skewed to the second half of 2019 and beyond, the analyst added. PRICE ACTION: Shares of Mirati Therapeutics are up 15% to $73.00 per share, while Amgen is up 2% to $171.71 per share.