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Mirati Therapeutics' Shares Rise 12.5% on Positive Data from Cancer Studies

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Mirati Therapeutics' shares reached a new 52-week high after the company reported preliminary data for Adagrasib (MRTX849) demonstrated durable anti-tumor activity in its non-small cell lung cancer and colorectal cancer studies.

Mirati Therapeutics Inc. (MRTX:NASDAQ), which is focused on developing a pipeline of targeted oncology products addressing genetic and immunological promoters of cancer, yesterday announced preliminary results from the firm's ongoing mutant KRAS selective inhibitor programs.

The firm indicated that "the preliminary results included updated clinical data of adagrasib (MRTX849), Mirati Therapeutics' KRAS G12C inhibitor, presented at the 32nd EORTC-NCI-AACR Symposium on Molecular Targets and Therapeutics (ENA) and initial preclinical in vivo data of MRTX1133, the its selective and potent potential first-in-class KRAS G12D inhibitor."

The company explained that "Adagrasib is a potent and selective inhibitor of KRAS G12C, optimized for a long half-life and a significant volume of tissue distribution to maintain continuous inhibition of KRAS-dependent signaling for the complete dose interval to maximize efficacy demonstrated by the depth and duration of anti-tumor activity."

Mirati's President and CEO Charles M. Baum, M.D., commented, "The adagrasib preliminary data presented today showed deep and durable anti-tumor activity in non-small cell lung cancer (NSCLC), colorectal cancer (CRC) and other solid tumors, providing renewed hope for patients that harbor a KRAS G12C mutation. A 45% confirmed objective response rate for adagrasib as a monotherapy in advanced NSCLC is compelling. While this data is still maturing, adagrasib also demonstrated clinically meaningful duration of treatment for NSCLC patients in the Phase 1/1b cohort...Enrollment is complete in the Phase 2 cohort of adagrasib as a monotherapy treatment for patients in 2nd/3rd line NSCLC and we anticipate submitting a New Drug Application for accelerated approval in the second half of 2021."

The firm advised that Adagrasib has shown very good tolerability in both monotherapy and combination trials with only a small amount of adverse effects reported in 110 patients harboring a G12C mutation in NSCLC, CRC and other solid tumors in the monotherapy studies. The company stated that more than 50 patients were included in the combination studies of Adagrasib with either pembrolizumab in NSCLC or cetuximab in CRC and TNO-155 in NSCLC or CRC and that each of these combinations has also been well tolerated.

The company also reported an update on the status of data from its preclinical studies of its MRTX1133. The company described MRTX1133 as "a potent, selective and reversible inhibitor of KRAS G12D, that binds to and inhibits mutant KRAS protein in both its active and inactive states." The firm noted that "MRTX1133 demonstrated tumor regression in multiple in vivo tumor models, including pancreatic and colorectal cancers."

Dr. Baum added, "MRTX1133, a potential first-in-class compound, continues to advance toward an Investigational New Drug filing in the first half of 2021. The drug properties and antitumor activity we've observed in preclinical tumor models continue to show promise."

Mirati Therapeutics is a late-stage biotechnology company headquartered in San Diego, Calif. The firm concentrates its efforts on researching and discovering new patient treatments that target genetic and immunologic drivers of cancer. The company presently has two programs in process (adagrasib and sitravatinib), that are focused on treating non-small cell lung cancer (NSCLC).

Mirati Therapeutics started off today with a market capitalization of around $8.0 billion with approximately 44.54 million shares outstanding and a short interest of about 10.1%. MRTX shares opened nearly 8% higher today at $194.42 (+$14.22, +7.89%) over Friday's $180.20 closing price and reached a new 52-week high price this morning of $211.50. The stock has traded today between $193.01 and $211.50 per share and is currently trading at $203.06 (+$22.86, +12.69%).

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