Why Mirati Therapeutics Was Sinking This Week

Shares of oncology-focused biotech Mirati Therapeutics (NASDAQ: MRTX) have stumbled across the past few days, with the stock trading in the red by nearly 11% week to date as of Thursday's close. A spot of good news from a product that rivals its key pipeline drug seemed to be the force pulling down Mirati's shares.

On Monday, Mirati's large and powerful peer Amgen (NASDAQ: AMGN) announced it had received conditional marketing authorization from the European Commission for its drug Lumykras to treat advanced non-small cell lung cancer (NSCLC) with the KRAS G12C (a protein) mutation in adults.

Image source: Getty Images.

Continue reading

Source Fool.com