In a report released on March 17, Andrew Berens from Leerink Partners reiterated a Buy rating on Relay Therapeutics (RLAY – Research Report), with a price target of $18.00.
Andrew Berens has given his Buy rating due to a combination of factors related to Relay Therapeutics’s recent achievements and future prospects. The company has demonstrated progress in its pipeline, particularly with the completion of enrollment for a promising dose expansion cohort of their drug RLY-2608, which is being tested in combination with fulvestrant for breast cancer treatment. Relay Therapeutics’s confidence in the optimal dosage and the initiation of a triplet combination therapy suggest a strong strategic direction. Additionally, the anticipated results in the second half of 2024 for both the doublet and triplet cohorts could mark significant milestones for the company.
Furthering the case for a Buy rating, Berens has taken into account Relay Therapeutics’s ongoing ReFocus study, which targets a range of solid tumors, showing a clear focus on the high-potential, solid tumor agnostic opportunities. The decision to streamline their focus and the planned announcement of a new preclinical candidate in 2024 also indicate a robust pipeline. Coupled with a substantial cash reserve that is expected to sustain operations into the second half of 2026, Relay Therapeutics appears to be in a strong financial position to execute on its strategy, justifying Berens’ maintained price target and reiteration of an Outperform rating.
Berens covers the Healthcare sector, focusing on stocks such as AstraZeneca, Incyte, and Blueprint Medicines. According to TipRanks, Berens has an average return of -0.4% and a 42.80% success rate on recommended stocks.
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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 price target lowered to $25 from $27 at BofA
- Relay Therapeutics to Participate in Three Upcoming Investor Conferences
- Relay Therapeutics price target raised to $20 from $17 at H.C. Wainwright
- Relay Therapeutics reports Q 4 EPS (67c), consensus (75c)
- Relay Therapeutics Reports Fourth Quarter and Full Year 2023 Financial Results and Corporate Highlights
