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What's Triggering The Rise In Mirati Shares?

Tanzeel Akhtar

Mirati Therapeutics, Inc. (NASDAQ: MRTX) shares were rallying by about 15 percent Thursday as traders circulated word that drugmaker Amgen, Inc. (NASDAQ: AMGNKRAS G12C inhibitor abstract showed promising data at a huge cancer conference. 

What Happened

Amgen showcased its oncology pipeline at the 55th Annual Meeting of the American Society of Clinical Oncology, or ASCO, on Wednesday. 

The first clinical data on Amgen’s KRAS G12C inhibitor was highly anticipated despite the project only being in phase one, according to the biotech news site Vantage

Why It's Important

Mirati is also developing a KRAS G12C inhibitor, MRTX849, that is in studies for an investigational new drug application. Once an IND is filed and approved by the FDA, clinical trials may commence.

Mirati may experience volatility related to Amgen's fortunes with the pipeline candidate AMG 510, which in early stage development for certain types of cancer.

What's Next

Mirati shares were trading up by 13.81 percent at $72.27 at the time of publication Thursday. 

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