Oppenheimer analyst Jay Olson lowered the firm’s price target on Mirati Therapeutics to $60 from $85 and keeps a Perform rating on the shares. ESMO-IO news on K-7 wiped out over $3B of Mirati’s market cap with shares trading down to about $50, close to the analyst’s contemplated worst-case scenario. Overall, adagrasib+pembro delivered 49% ORR in 1L KRAS G12C-mutated all-comers, about 10% lower than Olson’s expectation for all-comers and subgroups. Mirati emphasized higher efficacy rates in patients with longer follow-up and poorer clinical outcomes with chemo+IO from retrospective analyses to support a multipronged development plan in 1L. However, the analyst doubts K-7 data provide sufficient evidence to deploy a broad 1L development strategy.
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