UPDATE: Wedbush Securities Initiates Coverage On Mirati Therapeutics, Inc. As Key Data Is Around The Corner

In a report published Friday, Wedbush Securities Heather Behanna initiated coverage on

with an Outperform rating and $29.00 price target. In the report, Wedbush Securities noted, “Mirati Therapeutics is focused on development of oncology drugs for targeted patient populations. We believe this approach may lead to robust response rates, streamlined development and accelerated regulatory timelines. Proof-of-concept (POC) data is expected by early 2015 which, if positive, should represent an inflection point for the stock. We believe risk/reward is compelling at these levels and recommend shares of Mirati ahead of these data.” Mirati Therapeutics, Inc. closed on Thursday at $18.92.