Citi Upgrades Mirati Therapeutics (MRTX) to Buy, 'Righting the Ship'

Citi analyst Yigal Nochomovitz upgraded Mirati Therapeutics (NASDAQ: MRTX) from Neutral to Buy with a price target of $48.00 (from $51.00).

The analyst comments "We believe Mirati’s decision to reinstate its former CEO and founder as interim CEO is a prudent one. We were not surprised to see the stock react well to the leadership transition and favorable clinical updates for adagrasib+pembro and MRTX1719 (PRMT5 inhibitor) shared on yesterday’s call (details below). However, even with today’s >30% move, MRTX’s valuation remains depressed relative to late-2022 levels (down ~55% since ESMO IO). Looking ahead, we expect the story will begin to evolve beyond G12C over the next ~12 months given multiple readouts planned for earlier-stage programs (KRAS G12D, PRMT5). Additionally, with SAPPHIRE in the rearview mirror and greater clarity on the 1L NSCLC pivotal strategy for adagrasib provided, we believe more attractive risk/reward has emerged. We are therefore upgrading the stock to Buy with a revised TP $48 (-$3)."

For an analyst ratings summary and ratings history on Mirati Therapeutics click here. For more ratings news on Mirati Therapeutics click here.

Shares of Mirati Therapeutics closed at $27.80 yesterday.

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