Mirati Therapeutics price target lowered to $61 from $100 at BofA

BofA analyst Jason Gerberry lowered the firm’s price target on Mirati Therapeutics to $61 from $100 and keeps a Neutral rating on the shares after the company presented detailed data from the Krystal-7 Phase 2 study of PD1/KRAS in first-line lung cancer at the ESMO IO meeting. The data "did not help de-risk adagrasib/pembro" relative to future Phase 3 first-line lung cancer trial regulatory requirements, argues Gerberry, who ultimately exited the update viewing Mirati’s Phase 3 first-line lung program as "higher risk" and lowered his view on the odds of success to 25% from 40%.