Mirati Therapeutics (MRTX)

Dec 23, 2022Trade Ideas

It appears Mirati Therapeutics (MRTX) may have bottomed out.

Earlier this month, the stock gapped from about $100 to $40. That’s because investors were left unimpressed by recent Phase 2 data on its Adagrasib treatment for non-small cell lung cancer (NSCLC), along with Keytruda. Don’t count MRTX out just yet, though.

Just yesterday, the US FDA granted Breakthrough Therapy Designation to adagrasib in combination with cetuximab in patients with KRAS G12C-mutated, advanced CRC whose cancer has progressed following prior treatment with chemotherapy and an anti-VEGF therapy.

Helping, the New England Journal of Medicine (NEJM) published findings from the ongoing multicohort KRYSTAL-1 Phase 1/2 study evaluating adagrasib as monotherapy or combined with cetuximab in patients with KRAS G12C-mutated metastatic colorectal cancer.

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