Buy Rain Therapeutics (RAIN) on Weakness on Phase 3 MANTRA Delay - Mizuho

Mizuho Securities analyst Graig Suvannavejh reiterated a Buy rating and $18.00 price target on Rain Therapeutics (NASDAQ: RAIN), telling clients to buy on weakness after Phase 3 MANTRA read out was pushed one quarter.

The analyst commented, "Shares of RAIN are down ~5% this morning, after the company provided a number of key pipeline updates, whereby the timing of (1) the top-line Phase 3 MANTRA data read out for lead asset milademetan in the setting of de-differentiated liposarcoma has been pushed one quarter from 1Q23 to 2Q23, and (2) the initiation of the Phase 1/2 MANTRA-4 study for milademetan in advanced solid tumors has shifted from 1Q23 to mid-2023.

Having spoken with the company, the delay in the timing of the Phase 3 MANTRA read out by one quarter reflects the fact that the required number of events (105) to trigger the progression-free survival (PFS) analysis, the study's primary endpoint, has yet to be achieved. Simply put, more time is required for the necessary events to occur."

For an analyst ratings summary and ratings history on Rain Therapeutics click here. For more ratings news on Rain Therapeutics click here.

Shares of Rain Therapeutics closed at $9.45 yesterday.

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