Keep an eye on Mirati Therapeutics (MRTX).
Earlier this month, the stock gapped from about $100 to $40. All after investors were left unimpressed by recent Phase 2 data on its Adagrasib treatment for non-small cell lung cancer (NSCLC), along with Keytruda. Unfortunately, analysts were hung up on the drug’s objective response rate (ORR) to NSCLC, believing it was no matter than the current standard of care with Keytruda and chemotherapy.
Don’t count the stock out just yet, though.
On Thursday, shares of MRTX were up about $1.15 a share.
All after 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. This designation is supported by results from the Phase 1b cohort of the KRYSTAL-1 trial.
Even better, 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. These data reported promising clinical activity and demonstrated a favorable tolerability profile with reversible adverse events, as noted in a company press release.
Sincerely,
Ian Cooper
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