Relay Therapeutics gains after Raymond James initiates with 'outperform'

Relay Therapeutics

13/04/2023 19:06

** Shares of Relay Therapeutics Inc  RLAY.O  rise 12.7% at
$18.1
    ** Brokerage Raymond James initiates coverage with
"outperform" rating and assigns stock PT of $29
    ** Optimistic on co's ongoing early stage, experimental
breast cancer treatment, RLY-2608, and drug candidate, RLY-4008,
for treatment of cancers due to rare genetic mutation
    ** Expects RLY-2608's dose escalation data to show marked
reduction in high blood sugar levels - that will provide a wider
therapeutic window vs Novartis AG's  NOVN.S  Piqray 
    ** Sees potential in RLY-2608 to expand utilization of drug
class and show greater anti-tumor activity relative to Piqray
    ** Anticipates RLY-4008 to have an increased target potency
compared to its peers
    ** Models peak RLY-2608, RLY-4008 revenues at ~$1 bln and 
`$200 mln, respectively, during 2040 
    ** Co's stock up 20.9% YTD, including session's gain 

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))