Mirati Therapeutics initiated with a Hold at Needham

Needham analyst Ami Fadia initiated coverage of Mirati Therapeutics with a Hold rating and no price target. Despite the recent pullback, Fadia struggles to see a path to near-term upside, the analyst tells investors in a research note. Last week’s ESMO update puts into question adagrasib’s likelihood of success in 1L NSCLC, particularly in TPS greater than or equal to 1%, the analyst adds.