As previously reported, Leerink downgraded Mirati Therapeutics (MRTX) to Market Perform from Outperform with a price target of $58, down from $78. The firm notes the company reported Q3 results and updated the pipeline. Krazati sales of $16.4M missed consensus at $17.4M by about 6%, growing about 22% quarter-over-quarter. Leerink also points out that Mirati’s shares are pegged to the Bristol Myers Squibb (BMY) acquisition offer, which includes $58/share in cash and a $12 CVR linked to the PRMT5 program. Given the pending deal, the firm is moving to the sidelines.
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