Mirati Therapeutics price target lowered to $84 from $110 at Piper Sandler

Piper Sandler analyst Swapnil Malekar lowered the firm’s price target on Mirati Therapeutics to $84 from $110 and keeps an Overweight rating on the shares. The company’s investor event provided additional clarity on the response rates in patients broken down by TPS scores where data looks largely in line with the current standard of care, thus raising concerns on the applicability of ada+pembro combination in the front line setting, Malekar tells investors in a research note. However, the analyst says that given longer follow-up patients showed enhanced efficacy and a majority of patients continue to receive the combination therapy, he expects to see deepening of responses with longer treatment duration.