Rain Oncology initiated with a Buy at EF Hutton

EF Hutton analyst Tony Butler initiated coverage of Rain Oncology with a Buy rating and $16 price target. Rain is developing milademetan, a small molecule MDM2 inhibitor, as a tumor-agnostic therapy and is in Phase 3 testing against certain subtypes of liposarcomas with top-line data expected in Q1 of this year, Butler tells investors. He sees a "high probability" of the data being positive, which should create momentum for the stock, Butler added.