Citi analyst Yigal Nochomovitz doubled his price target for Mirati Therapeutics (MRTX) shares to $16 from $8 saying the response of sitravatinib in non-small cell lung cancer puts the company back on the "targeted therapy map."

The shares closed yesterday down 40c to $10.80. The stock "hasn't reacted nearly enough" to Friday's CBL data, Nochomovitz tells investors in a research note. A "conservative model argues for substantially more upside" than the stock's 135% move on Friday, the analyst contends. Nochomovitz now models $300M peak revenue for sitravatinib in NSCLC with inactivating CBL mutations. The analyst keeps a Buy rating on Mirati.