Negative Amgen AdCom a positive for Mirati, says Jefferies

Jefferies notes that members of an FDA-convened advisory committee, or AdCom, voted 10-2 against Amgen’s (AMGN) sotorasib on the “narrow question” of PFS interpretability. However, based on FDA comments, the agency “seems very unlikely” to pull Lumakras off the market, the analyst tells investors. Still, the firm views the AdCom results as positive for Mirati Therapeutics (MRTX) as it contends that Amgen’s delayed conversion could lead to a faster Krazati commercial ramp. The firm, which also noted that Mirati shares surged yesterday after Bloomberg reported on the possibility of M&A with Sanofi (SNY), has a Buy rating and $55 price target on Mirati shares.