Mirati stock up 9% amid FDA meeting on rival Amgen drug (update)
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Shares of Mirati Therapeutics (NASDAQ:MRTX) were up 10% Thursday afternoon amid an FDA advisory panel meeting intended to discuss the risk/benefit profile of a rival product to Miratiâs lung cancer drug Krazati.
The FDA panel is slated to meet Thursday to discuss whether data submitted for Amgenâs (AMGN) lung cancer drug Lumakras is sufficient to support full approval. The drug was granted accelerated approval in 2021 and Amgen planned to use a confirmatory study called CodeBreaK to support its application for full approval.
Shares of Amgen slipped on Tuesday after FDA briefing documents for the meeting indicated FDA reviewers had concerns about systemic biases in the study. Amgen shares were down fractionally midday Thursday.
Both Lumakras and Krazati belong to a class of drugs known as KRAS inhibitors. The drugs have been developed to treat non-small cell lung cancer, NSCLC, with KRAS G12C mutations. 
Last week, shares of Mirati (MRTX) rallied amid news that it plans to present updated data later this month for Krazati. The drug was granted accelerated approval by the FDA in December for NSCLC with KRAS G12C mutations. 
(Adds that Krazati received accelerated FDA approval in December, updates stock movement.)

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