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Why Is RAIN Stock Down 87% Today?


  • Rain Oncology (RAIN) stock is falling hard on clinical trial results.
  • Its Phase 3 MANTRA trial failed to meet its primary endpoint.
  • This has heavy trading pulling RAIN stock lower today.
RAIN Stock - Why Is RAIN Stock Down 87% Today?

Source: Shutterstock

Rain Oncology (NASDAQ:RAIN) stock is taking a massive beating on Monday after the company revealed its latest clinical trial data.

The bad news for investors in RAIN stock is the company’s Phase 3 MANTRA trial failed to meet its primary endpoint. This trial was designed to test the efficacy, safety, and tolerability of milademetan as a treatment for dedifferentiated (DD) liposarcoma (LPS).

This clinical trial tested milademetan against trabectedin, which is the current standard of care for DD LPS. The primary endpoint of progression free survival (PFS) by blinded independent central review was not reached.

Avanish Vellanki, co-founder and CEO of Rain Oncology, said the following in a press release.

“We are very disappointed in the outcome of the MANTRA trial, as the results did not closely mirror prior clinical results in patients with DD LPS. Based on the MANTRA topline results, we will also re-evaluate the path forward for milademetan.”

How This Affects RAIN Stock

Investors are bailing on RAIN stock today following the poor earnings news. As a result, heavy trading has some 16 million shares of the stock on the move as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 182,000 shares.

RAIN stock is down 87.4% as of Monday morning.

Investors on the lookout for all of the latest stock market news will want to stick around!

We’ve got all of the hottest stock market stories traders need to know about on Monday! That includes why shares of Nio (NYSE:NIO), Micron (NASDAQ:MU), and Plug Power (NASDAQ:PLUG) stock are on the move today. You can find out more on these matters at the links below!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/05/why-is-rain-stock-down-87-today/.

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