Piper Sandler analyst Tyler Van Buren raised the price target on Mirati Therapeutics (NASDAQ: MRTX) to $210.00 (from $170.00) while maintaining an Overweight rating.

The analyst commented, "The adagrasib (formerly MRTX849) Phase Ib/II 45% ORR met investor expectations perour recent flash poll and appears improved versus sotorasib's 35%. The 96% DCR (vs.91%) and depth of tumor reductions (70% of responders with >40% vs. 50%) also appears better. While it is much too early to accurately compare mDORs, improved ORRs, DCRs, and deeper tumor reductions do typically lead to improved mDOR/mPFS. A 3% incidence of Grade 3-4 QT prolongation was reported, but it resolved without treatment, there was no recurrence/worsening, the three patients continued on study, and investigators were not concerned. We don't believe this is enough to offset the potential best-in-class efficacy advantage. We are now lowering our discount rate and increasing our PT to $210, which is primarily supported by NSCLC, some CRC, and very little for sitra. We also need to consider adding the G12D to the model given the encouraging preclinical update."