Mirati Therapeutics downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst Evan Seigerman downgraded Mirati Therapeutics to Market Perform from Outperform with a price target of $59, down from $110. The analyst says that while adagrasib may have additive efficacy when combined with pembrolizumab, he sees a “long, expensive, and challenging path to Phase 3 data.” Mirati is “likely dead money” until the Phase 3 data is released, which could be years, and the possibility for an acquisition is “likely off the table for now,” Seigerman tells investors in a research note. He believes Mirati’s path is “far from crystal clear.”