Why Shares of Mirati Therapeutics Are Jumping Wednesday
Shares of Mirati Therapeutics (NASDAQ: MRTX) are up more than 27% as of 10:25 a.m. ET. The company released earnings after the markets closed on Tuesday. The healthcare stock is down more than 21% so far this year.
Mirati is a biotech company that focuses on therapies to treat cancer. After the markets closed on Tuesday, the company reported fiscal 2023 third-quarter revenue of $13.7 million, up 154% year over year and a net loss of $176.9 million compared to a loss of $176.5 million in the same period a year ago. The company also had several updates regarding its pipeline and management.
Mirati said it plans to begin a phase 3 combination study of adagrasib with pembrolizumab as a treatment for non-small cell lung cancer (NSCLC) in patients with a tumor proportion score (TPS) greater than 50%. The company also said MRTX1719 showed a good safety profile and early signs of effectiveness in a phase 1 study to treat solid tumors with MTAP-gene deletions.
Source Fool.com
Mirati Therapeutics Inc. Stock
The sentiment is rather negative at the moment with 10 Sell predictions and 2 Buy predictions.
On the other hand, the target price of 78 € is above the current price of 53.84 € for Mirati Therapeutics Inc., so the potential is actually 44.87%.
