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MRTX.US

Mirati Therapeutics (MRTX) Case

  • Mirati released trial results that negatively surprised investors.
  • $MRTX dropped 50%+ for 3 days, seriously damaging stockholders.
  • Days before $MRTX Leaders sold their positions.
  • Investors suspect $MRTX & its Leaders of engaging in unlawful business practices.
On December 5, 2022, Mirati Therapeutics (MRTX) announced early results from a phase 2 trial for Adagrasib as a first-line combination therapy to treat non-small cell lung cancer (NSCLC) which showed a 49% objective response rate which disappointed the investment community as the result wasn't much better than the 48% overall response rate for Keytruda plus chemotherapy, a standard treatment.

The tumor response rate came below an earlier analysis Mirati shared in June at the American Society of Clinical Oncology annual meeting.

On this news, $MRTX declined over 50% for 3 days period, experienced a series of analyst downgrades and Mirati lost more than $2.9 billion of its market capitalization, seriously injuring investors.

Analysts from Citi, BMO Capital Markets, JP Morgan, SVB Securities, and Berens all downgraded shares.

Insiders Transactions:
  • On November 28, 2022, Mirati President, Founder, and Head of R&D Charles Baum sold 69,028 shares of Mirati stock,
  • On December 5, 2022, Chief Scientific Officer Jamie Christensen sold 1,726 shares.
Earlier, on November 22, 2022, Mirati has been mentioned in reports as a possible takeover target. Bloomberg reported that Mirati has drawn takeover interest ahead of a key data readout next month and indicated Pfizer (PFE), Merck (MRK), Bristol Myers Squibb (BMY), and AstraZeneca (AZN) as potential buyers.

Taking all representations, insider transactions, M&A rumors, and the significance of market reaction, Investors have grounds to suspect Mirati and its Leaders of misleading, material facts concealment, omissions, and unlawful business practices.
Alleged Offence
Misleading Statements
Failure to Disclose
Price manipulation
Insider Trading
Omissions
Suspected Party
Directors
Management
Shareholder
Investment Bank
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
05 December 2022
Collecting participants…
Created by Stan Vick, Scout

Mirati Ther

Mirati Therapeutics, Inc., a commercial-stage oncology company, develops novel therapeutics to address the genetic and immunological promoters of cancer in the United States. The company provides K...

    Ticker
    MRTX.US
    ISIN
    US60468T1051
    CIK
    1576263
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    3545 Cray Court, San Diego, CA, United States, 92121