Why is Mirati Therapeutics (MRTX) in stock today?
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Therapeutic Mirati (NASDAQ:MRTX) shares rise Thursday as investors react to a special designation from the U.S. Food and Drug Administration (FDA).
Specifically, the FDA has granted Breakthrough Therapy Designation (BTD) to Mirati Therapeutics’ adagrasib in combination with cetuximab. The drug is intended for the treatment of patients with “KRAS-mutated advanced colorectal cancer […] whose cancer has progressed following previous treatment with chemotherapy and anti-VEGF treatment.
The purpose of a BTD is to expedite the development and approval of certain drugs. This includes those whose clinical reviews show evidence of efficacy in treating their targets.
Investors will note that this designation also comes with data from a Phase 1/2 study evaluating adagrasib. The results included “promising clinical activity”, safety and “reversible adverse events”.
Memorial Sloan Kettering Cancer Center associate attending physician and study author Rona Yaeger, MD said the following about the news:
“Preclinical studies and early clinical data indicate that the combination of a KRAS inhibitor and an anti-EGFR antibody may be an effective strategy to attenuate EGFR reactivation. […] These results provide a strong rationale for the continued development of this combination diet. »
MRTX Stock Reactions
MRTX stock trading was not too heavy today, with some 915,000 shares in motion at the time of this writing. This figure is still approaching the company’s average daily trading volume of 1.7 million shares.
Even so, MRTX shares are up 4.8% on Thursday afternoon but down 71.2% year-to-date.
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As of the date of publication, William White has not held (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.
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