Mirati Therapeutics price target raised to $62 from $56 at Oppenheimer

Oppenheimer analyst Jay Olson raised the firm’s price target on Mirati Therapeutics to $62 from $56 and keeps an Outperform rating on the shares. The firm notes Mirati gave an extensive quarterly update and unexpectedly announced a CEO transition, a $250M financing, and “encouraging” clinical updates from K-7 and initial clinical data showing signs of clinical efficacy from the Phase 1 dose-escalation study of MRTX1719. Despite setbacks for Krazati in the EU and debates on M&A outlook/ex-U.S. partnership, Oppenheimer continues to see a favorable risk/benefit set-up for Mirati into the second half of the year with additional read-across from recent sector dynamics. Clinical updates provided by management support the firm’s thesis, and Oppenheimer continues to see the stock as poised to rebound with additional updates expected in the near-term.