Citi upgraded Mirati Therapeutics to Buy from Neutral with a price target of $48, down from $51. The analyst believes Mirati’s decision to reinstate its former CEO and founder as interim CEO “is a prudent one.” Even with yesterday’s 30% rally, the company’s valuation remains depressed relative to late-2022 levels, the analyst tells investors in a research note. The firm expects the story “will begin to evolve beyond G12C” over the next 12 months given multiple readouts planned for earlier stage programs.
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