Guggenheim analyst Michael Schmidt lowered the firm’s price target on Mirati Therapeutics (MRTX) to $60 from $104 and keeps a Buy rating on the shares. The firm is removing near-term ex-U.S. Krazati sales from its model following news suggesting that Krazati is unlikely to receive near-term accelerated regulatory approval in Europe and it is also making broader changes to its Krazati forecast that reflect “a more conservative view” of the overall Krazati KRAS-G12C market opportunity in light of what it calls the “disappointing” launch of Amgen’s (AMGN) Lumakras in second-line-plus NSCLC.
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