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Mirati Therapeutics (NASDAQ:MRTX) stock is rising on Thursday as investors react to a special designation from the U.S. Food and Drug Administration (FDA).
Specifically, the FDA has granted a Breakthrough Therapy Designation (BTD) to Mirati Therapeutics’ adagrasib in combination with cetuximab. The drug is for treating patients with “advanced KRAS-mutated colorectal cancer […] whose cancer has progressed following prior treatment with chemotherapy and an anti-VEGF therapy.”
The purpose of a BTD is to accelerate the development and approval of certain drugs. That includes those with clinical reviews that show evidence of effectiveness in treating their targets.
Investors will note that this designation also comes alongside data from a Phase 1/2 study evaluating adagrasib. The results included “promising clinical activity,” tolerability and “reversible adverse events.”
Associate Attending Physician at Memorial Sloan Kettering Cancer Center and study author Rona Yaeger, M.D. 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 could be an effective strategy to mitigate EGFR reactivation […] These results provide a strong rationale for continued development of this combination regimen.”
MRTX Stock Reactions
Trading of MRTX stock hasn’t been overly heavy today, with some 915,000 shares on the move as of this writing. That figure is still approaching the company’s daily average trading volume of 1.7 million shares.
Even so, shares of MRTX are up 4.8% as of Thursday afternoon but down 71.2% since the start of the year.
Investors looking for more of the most recent stock market news will want to keep reading!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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