Mirati Therapeutics gains again as JPMorgan sees possible $185-$200/share in takeout
Nastassia Samal

Mirati Therapeutics (NASDAQ:MRTX) rose 4.5% after jumping 15% on Tuesday on a report that the cancer drug company has been seeing takeover interest from big pharma firms. 
Mirati (MRTX) may be worth $185-$200/share in a potential takeover, J.P. Morgan analyst Eric Joseph wrote in a note on Wednesday. Potential buyers include Merck (MRK), Pfizer (PFE), Bristol-Myers (BMY), and AstraZeneca (AZN). 
"With a handful of potential suitors in scope, we wouldnât be surprised by a competitive dynamic emerging ..." Joseph, who has an overweight rating and $94 price target on Mirati (MRTX), wrote in the note.
Bloomberg on Tuesday reported that Mirati (MRTX) has been weighing strategic alternatives, including a possible sale, for a while. There are no formal bids and a deal isn't imminent. 
Potential buyers are waiting for data on Mirati's lung-cancer treatment called Adagrasib, which the FDA is expected to make a decision on next month.
On Tuesday BMO analyst Evan Seigerman said Mirati (MRTX) may see as much as $200/share in a takeover.
A possible sale comes after a Financial Times report last October that Merck (MRK) was looking at potential targets for acquisitions, including Mirati (MRTX). Merck agreed to buy Imago BioSciences (IMGO), a clinical-stage biotech focused on bone marrow disorders, for $1.35 billion, on Monday.