Mirati price targets cut at Street firms following longer adagrasib review timeline
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At least two Street firms have cut price targets on Mirati Therapeutics (MRTX
-15.1%) after the company Tuesday said its New Drug Application for its KRAS inhibitor adagrasib will get a standard 10-month review.

Investors were hoping for an accelerated approval timeline of six months, which is what Amgen's (AMGN
-1.0%) rival KRAS inhibitor Lumakras (sotorasib) received. Lumakras won FDA approval in 2021.
Both adagrasib and Lumakras are for the treatment of non-small cell lung cancer.
While JP Morgan is keeping its overweight rating, it's cutting its price target to $121 from $199 (~13% upside based on Tuesday's close).
JonesTrading is keeping its buy rating, but is lowering its target to $165 from $300 (~54% upside).
Seeking Alpha contributor Avisol Capital Partners argues that adagrasib may be better than Lumakras.