Oppenheimer Upgrades Mirati Therapeutics (MRTX) to Outperform

Oppenheimer analyst Jay Olson upgraded Mirati Therapeutics (NASDAQ: MRTX) from Perform to Outperform with a price target of $56.00 (from $60.00).

The analyst comments "We upgrade MRTX from Perform to Outperform on the heels of a missed OS outcome for Ph3 SAPPHIRE, as we believe the risk/reward profile of the stock has shifted to a more favorable position. We have been on the sidelines of this story for a while as we were uncertain about the clear differentiation of Krazati vs. Lumakras in the context of a widening launch gap and on the pipeline. With expectations on Krazati (esp. in the 1L) reset and a potential overhang from a late-stage program now removed, we think the stock is poised to Outperform with multiple catalysts in the next 12-18 months. We update our model by removing sitravatinib while adding MRTX1719, arriving at our new $56 PT (vs. prior $60)."

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 $43.84 yesterday.

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