JMP Securities analyst Silvan Tuerkcan reiterated a Buy rating on Relay Therapeutics (RLAY – Research Report) today and set a price target of $24.00.
Silvan Tuerkcan’s Buy rating for Relay Therapeutics is based on a number of compelling factors.
Firstly, he acknowledges the promising update on RLY-4008 which has shown proof of concept across multiple tumor types. This development expands the Total Addressable Market (TAM) and subsequently triggers a strategic pivot towards a tumor agnostic path. Tuerkcan views this strategy positively, believing it will enhance perception of RLY-4008 as a valuable opportunity beyond its use for Cholangiocarcinoma (CCA). He anticipates regulatory clarity on this by 2024. Tuerkcan also emphasizes that Relay Therapeutics’ stock is significantly undervalued, with a rapidly growing opportunity for RLY-4008 beyond CCA. He remains confident in RLY-2608 (PI3ka) and encourages investors to pay attention to these price levels.
Moreover, Tuerkcan applauds Relay Therapeutics’ strategic shift towards larger patient populations. He appreciates the company’s decision to halt immediate commercial readiness activities for CCA in favor of a tumor-agnostic opportunity. Tuerkcan sees this pivot as positive, given the RLY-4008 profile and the larger opportunity it presents with regulatory precedent. He also maintains cautious optimism regarding the RLY-2608 (PI3ka) ReDiscover trial, which could potentially hasten development into larger, earlier lines of therapy. Lastly, Tuerkcan views the data as a robust initial signal across a wide range of tumors and alterations, with the breast cancer and pancreatic cancer results being particularly noteworthy.
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Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RLAY in relation to earlier this year.
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Relay Therapeutics (RLAY) Company Description:
Relay Therapeutics Inc is a precision medicines company focused on enhancing small molecule therapeutic discovery in targeted oncology. Its pipeline products include RLY-1971 and RLY-4008 and among others.
Read More on RLAY:
- Relay Therapeutics Announces Initial RLY-4008 (lirafugratinib) Data Demonstrating Durable Responses Across Multiple FGFR2-Altered Solid Tumors
- JPMorgan biotech analysts hold an analyst/industry conference call
- Relay Therapeutics to Present Clinical Data on RLY-4008 in Advanced FGFR2-Altered Solid Tumors at 2023 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics
- Relay Therapeutics price target lowered to $30 from $32 at H.C. Wainwright
