Mirati Therapeutics price target lowered to $68 from $87 at Piper Sandler

Piper Sandler analyst Swapnil Malekar lowered the firm’s price target on Mirati Therapeutics to $68 from $87 but keeps an Overweight rating on the shares. Mirati Therapeutics priced Krazati at a slight premium vs Lumakras and justified the overage based on advantage seen in CNSmet patients and a better safety profile, but he remains cautious until this theory pans out in the real world given the brain-met language or the safety data from tablet formulation was not reflected in the label, the analyst tells investors in a research note.