Mizuho initiates coverage of Rain Oncology with 'buy', shares up

Rain Oncology

23/01/2023 19:48

** Mizuho Securities initiates coverage of cancer drug
developer Rain Oncology  RAIN.O  with "buy" and PT of $18
    ** RAIN shares rise 4% to $9.9
    ** Brokerage sees significant upside for RAIN's drug
candidate, milademetan, being tested as a potential treatment
for cancers caused by expression of a tumor-causing gene known
as mouse double minute 2 (MDM2)   
    ** Mizuho says confident of positive data - expected in Q1
2023 - from late-stage trial 
    ** Brokerage estimates peak sales of $1.7 bln for the
treatment in 2035 for two indications in the United States
    ** All 10 brokerages rate the stock "buy" or higher; their
median PT is $16.5
    ** Including session moves, RAIN has risen ~9.3% in the past
12 months 
 (Reporting by Mariam E Sunny)
 ((Mariam.ESunny@thomsonreuters.com;))