RLAY - Relay set to Equal Weight at Barclays; says fairly valued ahead of catalysts

• 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.

For further details see: