Mirati slumps as data on experimental cancer drug disappoints

Mirati Therapeutics

06/12/2022 18:21

(Updates)
    ** Shares of Mirati Therapeutics Inc  MRTX.O  slump 18% to
$76
        ** Street disappointed with company's data on its
experimental cancer drug adagrasib 
    ** Early trial data showed the combination of adagrasib and
Merck & Co Inc's  MRK.N  cancer drug Keytruda helped about half
of previously untreated metastatic lung cancer patients, with
manageable side effects, according to Mirati
    ** The overall response rate of 49% for the
adagrasib-Keytruda combination was "relatively modest" and
generally in line with that seen with chemotherapy-Keytruda
combo, says brokerage SVB Securities
        ** MRTX told Reuters on Monday it would now focus on
patients with lower levels of PDL1, the protein targeted by
Keytruda, where it expects largest advantage from its combo drug
    ** SVB says this approach "may suggest that the forthcoming
data in this population are compelling"
    ** Including session's loss, Mirati shares down 48% YTD
 (Reporting by Pratik Jain and Leroy Leo in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com))