UPDATE: Oppenheimer Downgrades Mirati Therapeutics (MRTX) to Perform
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Oppenheimer analyst Jay Olson downgraded Mirati Therapeutics (NASDAQ: MRTX) from Outperform to Perform, PT 160.00 (from $245.00).
The analyst comments "Based on potentially significant leadership advantages for Lumakras, we downgrade MRTX from Outperform to Perform as we are concerned about the potential for adagrasib to catch up in the KRAS inhibitor competitive arena. Our thesis is based on our view that Lumakras and adagrasib have limited clinical differentiation and the first mover advantage will be key to building market share. We suspect MRTX will independently launch adagrasib in the US, and being ~one year behind Lumakras with a less experienced commercial team will not win adagrasib an equivalent market share to Lumakras. We lower our peak market share estimate for adagrasib to ~40% in 2030. We also update our launch estimate for sitravatinib and MRXT1133, leading to our new PT of $160 (vs. prior $245)."
Shares of Mirati Therapeutics closed at $156.62 yesterday.
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