Relay Therapeutics (RLAY) PT Lowered to $25 at Oppenheimer

Oppenheimer analyst Matt Biegler lowered the price target on Relay Therapeutics (NASDAQ: RLAY) to $25.00 (from $33.00) while maintaining a Outperform rating.

The analyst commented: "Thursday, Relay Therapeutics reported 1Q24 results — and there wasn’t much to report beyond the update from JPM earlier this year. No surprises here. The company has been transparent about the fact that we'll need to wait until the end of this year for any real data (and this messaging is consistent with the 4Q update). At this point, there isn't much we can do besides wait, especially absent any derisking data from competitors such as Scorpion (nothing in the ASCO abstracts). Despite the wait, we still believe RLY-2608 is a drug. Improved selectivity means better tolerability, which means patients staying on the drug longer. Further, we think the bar set by the ByLIEVE trial is low (~6 month mPFS). Reiterate Outperform, PT to $25 (from $33)."

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