Rain Oncology (NASDAQ:RAIN) Rating Lowered to Neutral at HC Wainwright

HC Wainwright cut shares of Rain Oncology (NASDAQ:RAIN – Get Rating) from a buy rating to a neutral rating in a research note issued to investors on Tuesday, The Fly reports. HC Wainwright also issued estimates for Rain Oncology’s Q2 2023 earnings at ($0.44) EPS, Q3 2023 earnings at ($0.44) EPS, Q4 2023 earnings at ($0.45) EPS, FY2023 earnings at ($1.89) EPS, Q1 2024 earnings at ($0.23) EPS, Q2 2024 earnings at ($0.15) EPS, Q3 2024 earnings at ($0.17) EPS, Q4 2024 earnings at ($0.18) EPS and FY2024 earnings at ($0.71) EPS.

Several other research analysts have also commented on the company. SVB Leerink restated an outperform rating and set a $11.00 price target on shares of Rain Oncology in a research report on Tuesday, March 21st. Oppenheimer lowered Rain Oncology from an outperform rating to a market perform rating in a research report on Monday. Citigroup lowered Rain Oncology from a buy rating to a neutral rating in a research report on Tuesday. Piper Sandler lowered Rain Oncology from an overweight rating to a neutral rating in a research report on Monday. Finally, Guggenheim lowered Rain Oncology from a buy rating to a neutral rating in a research report on Monday. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rain Oncology has a consensus rating of Hold and an average price target of $16.44.

Rain Oncology Stock Down 8.1 %

RAIN stock opened at $1.14 on Tuesday. The business has a fifty day moving average of $7.62 and a two-hundred day moving average of $8.12. The stock has a market cap of $41.45 million, a price-to-earnings ratio of -0.44 and a beta of 0.04. Rain Oncology has a 52-week low of $1.05 and a 52-week high of $14.48.

Rain Oncology (NASDAQ:RAIN – Get Rating) last posted its earnings results on Thursday, May 11th. The company reported ($0.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.57) by $0.01. As a group, sell-side analysts anticipate that Rain Oncology will post -2.09 EPS for the current year.

Insider Transactions at Rain Oncology

In other news, insider Boxer Capital, Llc sold 995,000 shares of Rain Oncology stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $1.25, for a total transaction of $1,243,750.00. Following the sale, the insider now owns 1,152,212 shares in the company, valued at $1,440,265. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 21.90% of the company’s stock.

Institutional Trading of Rain Oncology

A number of hedge funds and other institutional investors have recently made changes to their positions in RAIN. BlackRock Inc. increased its position in shares of Rain Oncology by 8.4% during the first quarter. BlackRock Inc. now owns 803,211 shares of the company’s stock worth $4,072,000 after purchasing an additional 62,340 shares in the last quarter. Vanguard Group Inc. increased its position in Rain Oncology by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 521,033 shares of the company’s stock valued at $2,641,000 after acquiring an additional 13,758 shares during the period. Northern Trust Corp increased its position in Rain Oncology by 69.0% in the 1st quarter. Northern Trust Corp now owns 121,824 shares of the company’s stock valued at $618,000 after acquiring an additional 49,727 shares during the period. State Street Corp increased its position in Rain Oncology by 42.0% in the 1st quarter. State Street Corp now owns 191,801 shares of the company’s stock valued at $972,000 after acquiring an additional 56,723 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in Rain Oncology by 65.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 16,655 shares of the company’s stock valued at $84,000 after acquiring an additional 6,617 shares during the period. Institutional investors and hedge funds own 82.91% of the company’s stock.

About Rain Oncology

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Rain Therapeutics Inc, a clinical-stage precision oncology company, engages in developing therapies that target oncogenic drivers in the United States. Its lead product candidate is milademetan, a small molecule oral inhibitor of mouse double minute 2, which is oncogenic in various cancers. The company is also developing milademetan which is in Phase 3 clinical trial for liposarcoma, Phase II clinical trial for solid tumors, and Phase II clinical trial for intimal sarcoma, as well as RAD52 which is in preclinical trials for tumors, including breast, ovarian, pancreatic, prostate, and other cancers.