Mirati Therapeutics price target lowered to $45 from $51 at B. Riley

B. Riley lowered the firm’s price target on Mirati Therapeutics to $45 from $51 and keeps a Neutral rating on the shares after the European Medicines Agency denied the conditional marketing authorization application for adagrasib for the treatment of KRAS G12C-mutated non-small cell lung cancer. However, the analyst thinks the probability is still in Mirati’s favor to show a statistically significant progression free survival benefit in the confirmatory study, as adagrasib and sotorasib have historically shown similar overall efficacy in their respective single-arm trials.