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.