Rain Therapeutics jumps as Jones Research starts with 'buy'

Rain Oncology

23/06/2022 19:50

** Shares of Rain Therapeutics  RAIN.O  jump ~69% to $4.39 -
stock among top pct gainers on the Nasdaq Biotechnology Index
 .NBI  
    ** Jones Research starts coverage of RAIN with "buy" rating
and price target of $17 
    ** Believes RAIN has identified the right dosing for its
lead cancer drug milademetan, and RAIN's focus on a genetically
defined population increases its chances of success 
    ** Brokerage expects milademetan to show clear clinical
benefits in late-stage trial, estimates peak sales of $200 mln
in 2029 for liposarcoma indication, a rare type of cancer which
occurs in fat cells 
    ** Jones says RAIN is in a comfortable cash position, given
current biotech market conditions 
    ** Five of 6 brokerages covering stock rate it "buy" or
higher, 1 rates it "hold" ; their median PT is $16, representing
an over 6x upside potential to last close 
    ** Including Thursday's session, RAIN down ~74% this year vs
a 23% decline in the .NBI 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))