KRAS exuberance, in one chart
Mirati Therapeutics, a small company out of San Diego, has seen its share price more than double since the start of the year. That’s not because any of its drugs succeeded in a trial, and it doesn’t owe to some pending buyout or high-dollar pharmaceutical partnership.
Instead, it’s because the world is increasingly convinced so-called undruggable targets could fall prey to drugs.
Mirati has a treatment targeting KRAS, a protein implicated in a host of cancers that has largely proved impervious to medicinal chemistry. Then, in June, a KRAS-targeting treatment from Amgen showed unprecedented results in a small study, and now Mirati, which is still working through a trial of its own, is a $100 stock.
Whether Mirati’s drug, MRTX849, can measure up to Amgen’s will remain a mystery until the second half of this year, when the company will provide a first glimpse at data from a trial enrolling patients with solid tumors. In the meantime, the company has gained about $2 billion in market value on sentiment alone.
Instead, it’s because the world is increasingly convinced so-called undruggable targets could fall prey to drugs.
Mirati has a treatment targeting KRAS, a protein implicated in a host of cancers that has largely proved impervious to medicinal chemistry. Then, in June, a KRAS-targeting treatment from Amgen showed unprecedented results in a small study, and now Mirati, which is still working through a trial of its own, is a $100 stock.
Whether Mirati’s drug, MRTX849, can measure up to Amgen’s will remain a mystery until the second half of this year, when the company will provide a first glimpse at data from a trial enrolling patients with solid tumors. In the meantime, the company has gained about $2 billion in market value on sentiment alone.
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