Mirati trial continuation ’tilts the scale for a positive outcome,’ says Piper

After Mirati Therapeutics announced that the IDMC has recommended continuing the registrational Phase 3 SAPPHIRE study into full analysis based on the results of an interim analysis on overall survival, Piper Sandler analyst Swapnil Malekar said he thinks this news "tilts the scale for a positive outcome" given that the interim analysis included a safety/efficacy futility analysis. He believes that the downside risk is small, if any, with a negative outcome given that "little to no credit" is given to sitravatinib by the Street, but that a positive outcome "would represent a meaningful commercial opportunity." Malekar has an Overweight rating and $110 price target on Mirati Therapeutics shares, which are down 86c, or 1%, to $90.64 in Friday morning trading.