Cancer Focused Rain Has 60% Potential Upside: Wainwright

 

• HC Wainwright initiated coverage on Rain Therapeutics Inc 
  RAIN+12.6%+ Free Alerts
  , 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. 

https://www.benzinga.com/general/biotech/22/09/28834629/hc-wainwright-initiates-coverage-on-this-cancer-stock-with-60-upside