Keep an eye on beaten-down shares of Mirati Therapeutics (MRTX).
It recently received Breakthrough Therapy Designation from the US FDA for adagrasib in combination with cetuximab for patients with “advanced KRAS-mutated colorectal cancer.”
Quite often, the US FDA will grant this Designation to expedite the development and review of drugs that are demonstrating preliminary clinical evidence of a substantial improvement over available therapy in the treatment of patients with serious diseases.
Even better, the New England Journal of Medicine (NEJM) just published findings from the ongoing multi cohort KRYSTAL-1 Phase 1/2 study evaluating adagrasib as monotherapy or combined with cetuximab in patients with KRAS G12C-mutated metastatic colorectal cancer. These data reported promising clinical activity and demonstrated a favorable tolerability profile with reversible adverse events, as noted in a Mirati Therapeutics press release.
MRTX last traded at $46.65. We’d like to see the stock refill its bearish gap around $95 again.