Why Mirati Therapeutics Stock Is Taking Off Today

Shares of Mirati Therapeutics (NASDAQ: MRTX) were jumping 12.6% as of 11:17 a.m. EDT on Monday. The nice gain came after the company announced positive preliminary data on Sunday from phase 1/2 clinical studies of experimental drug adagrasib in treating advanced non-small cell lung cancer (NSCLC). These results prompted two analysts to boost their price targets for Mirati.

Mirati reported that 45% of patients in its phase 1/1b and phase 2 cohorts evaluating adagrasib as a monotherapy in treating NSCLC experienced confirmed objective response rates (ORR) -- the percentage of patients with tumor size reduction meeting a specified target level. In addition, the company stated that there was a 96% disease control rate (DCR), which measures the percentage of patients whose cancer shrinks or remains stable over a set period of time.

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Source Fool.com