Why Rain Therapeutics (RAIN) Shares Are Trading Higher Today

HC Wainwright initiated coverage on Rain Therapeutics Inc 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 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.

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