Stock Track | Relay Therapeutics Soars on Promising Breast Cancer Data and Bullish Analyst Calls

Stock Track09-17

Shares of Relay Therapeutics (RLAY) surged 9.34% on September 16, 2024, driven by promising interim data from a Phase 1 study evaluating the company's lead drug candidate RLY-2608 in combination with fulvestrant for the treatment of breast cancer patients with PI3Kα mutations.

The interim data showed a median progression-free survival (mPFS) of 9.2 months and an impressive 33% objective response rate (ORR) across all patients with measurable disease. These results were particularly encouraging given that a significant portion of the patients had previously received multiple lines of therapy and selective estrogen receptor degraders (SERDs).

Following the data release, multiple analysts issued bullish reports on Relay Therapeutics, citing the company's strategic market positioning and the potential for RLY-2608 to become a blockbuster in treating PI3Kα-mutated breast cancer. H.C. Wainwright reiterated a Buy rating and raised its price target to $19, while Barclays initiated coverage with an Overweight rating and a $17 price target.

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