tags:

• analyst/boxer-capital
• sector/phama
• sector/biotech
• thesis/call-option ...

Aaron Davis — Boxer Capital

Long Mirati

Mirati is a targeted oncology company. The company develops drugs to treat the genetic drivers of cancer. The stock is down 80% from ATHs; “generational drawdown in biotech. The current market cap is ~$3bn with ~$1bn cash on the balance sheet. The lead drug received approval in Dec '22. The annual revenue opportunity for the drug is ~$600M and the second drug in the company’s pipeline has a 3x addressable population. The second drug is currently still in the pipeline. Call options on the rest of the pipeline.