BMO Capital Markets raises Mirati's PT on buyout potential

Mirati Therapeutics

06/10/2023 16:26

** Shares of Mirati Therapeutics  MRTX.O  up about 2% at
$63.43, after closing ~45% higher on Thursday 
    ** BMO Capital Markets raises PT on stock from $31 to $72 on
buyout potential, and advantage for MRTX's lung cancer drug
after data from a rival treatment by Amgen  AMGN.O  received a
thumbs down from a regulatory panel 
    ** Brokerage says while the possibility of a buyout is not
certain, MRTX shares now reflect potential premium 
    ** Says if AMGN's drug is ultimately pulled from the market,
MRTX could see a significant market share boost, raising its
value as a potential buyout target - BMO 
    ** Notes that MRTX's other drug candidate, which targets
cancers where patients lack a type of tumor suppressor gene, has
also garnered investor enthusiasm recently - BMO
    ** At least two other brokerages say MRTX's lung cancer drug
Krazati could be at an advantage
    ** B.Riley Securities also raises PT on MRTX stock from $45
to $65, says MRTX's lung cancer drug confirmatory study appears
to be designed to avoid some mishaps seen in AMGN's trial
    ** As of last close, MRTX up ~38% so far this year 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))