In a report released yesterday, Leah R. Cann from Oppenheimer maintained a Buy rating on Mirati Therapeutics (MRTX), with a price target of $57. The company’s shares closed yesterday at $37.37.
Cann commented:
“Mirati’s filing, and FDA’s acceptance, of this IND for MRTX849 are in line with our expectation for timing. with recent encouraging data from the first preclinical results for this KRAS G12C inhibitor, supports our outlook. G12C positive mutations occur in many patients with NSCLC and CRC tumors, and in other solid tumors, including pancreatic cancer. Mirati’s KRAS program could be a contributor in 2023, with 1.7% market penetration in both KRAS-G12C mutant non-small cell lung cancer and colorectal cancer resulting in $650.7 million in 2023 sales, or 54% of Mirati’s estimated 2023 sales.”
According to TipRanks.com, Cann is a 4-star analyst with an average return of 3.3% and a 42.8% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Mirati Therapeutics with a $56 average price target.
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The company has a one-year high of $65.35 and a one-year low of $15.35. Currently, Mirati Therapeutics has an average volume of 681.6K.
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Mirati Therapeutics, Inc. is a clinical-stage oncology company, which engages in developing a pipeline of oncology products to treat genetic, immunological and epigenetic drivers of cancer in subsets of cancer patients. Its clinical pipeline consists of glesatinib, sitravatinib and mocetinostat.
