Mirati target upped by Citi

Mirati Therapeutics price target raised to $64 from $37 at Citi. Citi analyst Yigal Nochomovitz raised his price target for Mirati Therapeutics to $64 from $37 to reflect increased conviction on sitravatinib plus nivolumab in IO refractory non-small-cell lung cancer patients. The analyst updated his model to reflect the positive interim Phase 2 data reported in April and increased his peak share estimates for sitravatinib in IO refractory NSCLC patients to 24% from 12%. Further, Nochomovitz’s sensitivity analysis for preclinical KRAS G12C inhibitor, MRTX849, points to “significant upside.” While still preclinical, MRTX849 has garnered “substantial interested” from pharma and investors given the significant untapped market opportunity and the apparent superior preclinical profile versus competitor drugs, the analyst told investors in a research note dated Tuesday. He keeps a Buy rating on Mirati Therapeutics

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