Analyst Christopher Liu of Leerink Partners reiterated a Buy rating on Relay Therapeutics (RLAY – Research Report), with a price target of $18.00.
Christopher Liu has assigned a Buy rating to Relay Therapeutics, underpinned by a combination of factors. Firstly, Relay Therapeutics has announced its Q3 financial results, outlining its plans to reveal more clinical data and offer a regulatory update for its product lirafugratinib (RLY-4008) in 2024. The preliminary data suggest that this product could be highly effective in FGFR2 fusion and amplified tumors. The company has also disclosed a strategy shift to a tumor-agnostic approach to reach a wider market at launch, following the Inflation Reduction Act.
Furthermore, Relay Therapeutics is set to provide an update on RLY-2608, a PI3K-alpha inhibitor, in 2024, and will begin a study into a triplet combination with fulvestrant and a CDK4/6 inhibitor for locally advanced or metastatic breast cancer by the end of 2023. Looking ahead, the company plans to reveal new preclinical programs in 2024. Financially, Relay Therapeutics has reported revenues of approximately $25.2 million and holds cash and equivalents of around $810.6 million. Management expects these finances to support operations until the second half of 2026. These factors, combined with the company’s solid financial position, have led to Christopher Liu’s Buy rating.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $24.00 price target.
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Based on the recent corporate insider activity of 44 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 reports Q3 EPS (54c), consensus (83c)
- Relay Therapeutics Reports Third Quarter 2023 Financial Results and Corporate Highlights
- Relay Therapeutics to Announce Third Quarter 2023 Financial Results and Corporate Highlights on November 2, 2023
- Relay Therapeutics price target raised to $33 from $30 at H.C. Wainwright
- Relay: Lirafugratinib data show durable response across multiple FGFR2 tumors
