Rain Oncology Shares Plummet: Company Discloses Disappointing Cancer Study Data After Delaying Readout
Portfolio Pulse from Vandana Singh
Rain Oncology announced disappointing Phase 3 MANTRA data for milademetan in patients with dedifferentiated liposarcoma, failing to meet its primary endpoint. The company does not expect to pursue further development of milademetan, causing RAIN shares to plummet 86.9%.
May 22, 2023 | 6:36 pm
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NEGATIVE IMPACT
Rain Oncology's disappointing Phase 3 MANTRA data for milademetan caused RAIN shares to plummet 86.9%, and the company does not expect to pursue further development.
The Phase 3 MANTRA data for milademetan failed to meet its primary endpoint, which is a significant setback for Rain Oncology. As a result, the company does not expect to pursue further development of the drug, causing a sharp decline in RAIN shares.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEUTRAL IMPACT
Rain Oncology's Phase 3 MANTRA data for milademetan failed to meet its primary endpoint compared to Johnson & Johnson's Yondelis, but the impact on JNJ is minimal.
Although Rain Oncology's milademetan failed to meet its primary endpoint compared to Johnson & Johnson's Yondelis, the impact on JNJ is minimal as Yondelis is just one of many products in JNJ's portfolio.
CONFIDENCE 90
IMPORTANCE 25
RELEVANCE 50