Mirati Therapeutics downgraded to Neutral from Buy at Citi (yesterday)

Citi analyst Yigal Nochomovitz yesterday morning downgraded Mirati Therapeutics to Neutral from Buy with a price target of $53, down from $121. The reported adagrasib plus pembrolizumab data are not clearly superior to the benchmarks cited by management, said the analyst, who sees the Phase 3 trials as "high-risk." Nochomovitz’s impression from speaking with Mirati last week is that an acquisition is not imminent. And with the new data, "M&A is appearing less likely, plus there are limited near-term events that could drive upside," Nochomovitz told investors in a research note.