Oppenheimer analyst Jay Olson raised the price target on Mirati Therapeutics (NASDAQ: MRTX) to $225.00 (from $190.00) while maintaining an Outperform rating.

The analyst commented, "The triple meeting featured MRTX's adagrasib (formerly MRTX849) data in NSCLC and CRC from the KRYSTAL-1 clinical trial. In NSCLC, adagrasib demonstrated a 45% confirmed ORR and a 96% DCR in 51 patients who received 600mg BID pooled from Ph1/1b and Ph2 studies. In CRC, single-agent adagrasib also showed a 17% confirmed ORR (3/18). Adagrasib was generally well tolerated although there were a couple of Grade 5 TRAEs and 14% lower-grade QTc prolongation among 110 patients. As the registrational Ph2 study has now completed enrollment with mDoR and mPFS data maturing, MRTX is planning for an NDA submission in 2H21 in 2L/3L NSCLC. We consider these results competitive and increase our PoS for adagrasib to 85%, driving our new $225 PT (vs. $190 prior)."