Mirati Therapeutics Inc (MRTX)

Shares of Mirati Therapeutics, Inc (MRTX) dropped by 5.28% from $60.20 to $57.02 in the trading on Monday, October 9, 2023. The reasons why MRTX stock down include:

• Iristol Myers Squibb's Acquisition Announcement: The primary reason for MRTX stock's downturn was the announcement made by Bristol Myers Squibb regarding their plans to acquire Mirati Therapeutics in a deal valued at up to 5.8 million dollars.
• Downgrades by JMP Securities and Jefferies: Following the acquisition announcement, JMP Securities downgraded NRTX stock from Outperform to Market perform and Jefferies downgraded assessments of Mirati Therapeutics from Buy to Hold, which likely contributed to the decline in the stock's value.

MRTX's stock fell 7.39% after the company announced the EMA's CHMP issued a negative opinion on the Conditional Marketing Authorization Application for KRAZATI for treatment of patients with KRASG12C -mutated advanced NSCLC.

https://www.benzinga.com/news/23/07/33326618/why-metropolitan-bank-holding-shares-are-trading-lower-by-9-here-are-other-stocks-moving-in-fridays

MRTX's stock fell 12.41% after management announced that the phase III SAPPHIRE study did not achieve its primary endpoint of overall survival (“OS”). Mirati did not disclose any study data along with the above announcement. Management intends to do so at a future date.

https://www.nasdaq.com/articles/miratis-mrtx-sitravatinib-fails-lung-cancer-study-stock-down-8