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This Cancer Focused Stock Has 60% Potential Upside, Bullish Analyst Says

·1 min read
  • HC Wainwright initiated coverage on Rain Therapeutics Inc (NASDAQ: RAIN), with a price target of $10 with a Buy rating.

  • With an upside of almost 60%, the analyst believes Rain's lead asset, milademetan, has the potential to become a tumor-agnostic therapy for MDM2 amplified cancers.

  • Milademetan, in-licensed from Daiichi Sankyo (OTC: DSNKY) in 2020, is an oral MDM2 inhibitor that reactivates the tumor suppressor gene, p53.

  • P53 is a key regulator of various cellular processes, including the cell cycle, DNA repair, and apoptosis.

  • Milademetan could address p53 inactivation across multiple p53 wild-type (WT) tumor types, representing about 50% of all cancers.

  • Rain is conducting a Phase 3 MANTRA trial in patients with well-differentiated / de-differentiated liposarcoma.

  • Since the primary endpoint is based on a doubling of PFS, we believe Rain's Phase 1 data de-risks the upcoming Phase 3 data, slated for release in 1H23, writes HC Wainwright.

  • The analyst conservatively projects that milademetan could have a peak annual sales potential of nearly $1 billion from liposarcoma, non-small cell lung cancer (NSCLC), and breast cancer indications.

  • Price Action: RAIN shares are up 12.60% at $6.42 on the last check Monday.

Latest Ratings for RAIN

Date

Firm

Action

From

To

May 2021

Guggenheim

Initiates Coverage On

Buy

May 2021

Piper Sandler

Initiates Coverage On

Overweight

May 2021

Goldman Sachs

Initiates Coverage On

Buy

View More Analyst Ratings for RAIN

View the Latest Analyst Ratings

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