RLAY - Relay reaches over four-month high after data for bile duct cancer drug

The shares of the clinical-stage biotech Relay Therapeutics, Inc. ( NASDAQ: RLAY ) added more than 19% in the morning hours Thursday after the company announced the publication of an abstract containing data from its Phase 1/2 study for bile duct cancer therapy RLY-4008.

The publication comes ahead of an oral presentation at the upcoming ESMO Congress on Sep. 11.

The ReFocus trial involved patients with advanced solid tumors who received the oral therapy at 20-200 mg QD or BID.

According to data from the abstract, 38 patients with a certain type of cholangiocarcinoma (CCA) were evaluable for efficacy, and 68% remained on treatment with six months of median duration of treatment, as of Aug. 01 data cut off.

The overall response rate (ORR), a key objective of the trial, stood at ~88% and ~63% at the recommended Phase 2 dose (RP2D) and across all dose levels, respectively.

One patient on the RP2D with a near-complete response underwent surgery for tumor removal as a treatment. Data for the duration of response are yet to mature, with a majority of responses ongoing.

Low-grade stomatitis (48%) and PPE (46%) were among the most common treatment-related side effects.

Citing the 88% ORR, Cowen, with an Outperform rating on RLAY, wrote: “These data are solid, validate the platform, and are clearly differentiated.”

“This solid efficacy has actually exceeded our optimistic expectations of ?60% PR going into ESMO,” the analyst Yaron Werber added.

Meanwhile, despite an Underperform rating on the stock, Jefferies raised its price target to $16 from $13 per share, noting: “Overall, we think the updated efficacy looks solid at the go-forward dose.”

RLAY has scheduled a conference call on Sep. 12 to discuss the results of ESMO presentation,

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