Relay set to Equal Weight at Barclays; says fairly valued ahead of catalysts

Sep. 30, 2022 10:25 AM ETRelay Therapeutics, Inc. (RLAY)By: Dulan Lokuwithana, SA News Editor1 Comment

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  • Barclays has launched its coverage on Relay Therapeutics, Inc. (NASDAQ:RLAY) with an Equal Weight rating and a $23 price target, noting that the Cambridge, Massachusetts-based biotech remains fairly valued despite upcoming catalysts.
  • The analyst Peter Lawson awaits initial data expected in 1H 2023 from RLY-2608, one of RLAY’s lead candidates targeted at breast cancer.
  • Lawson projects Phase 1 data from the mutant-PI3Ka inhibitor program to indicate more than 40% overall response rate (ORR) in HR+/HER2- breast cancer with a robust safety profile.
  • The analysts also added that the development of RLY-4008, an inhibitor of fibroblast growth factor receptor 2, could expand into other tumors adding further upside to the stock.
  • Seeking Alpha contributor Edmund Ingham thinks that RLAY could win FDA’s accelerated approval for RLY-4008 in bile duct cancer as early as next year.

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