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

Stock Track09-16

Shares of Relay Therapeutics (RLAY) surged over 8% on Sunday, propelled by a wave of bullish analyst commentary and promising clinical data for the company's lead breast cancer drug candidate RLY-2608.

Multiple analysts, including those from Barclays, Stifel, and H.C. Wainwright, issued positive reports on Relay Therapeutics, citing the company's strategic market positioning and encouraging clinical data readouts. H.C. Wainwright reiterated a Buy rating on RLAY while raising their price target to $19, citing the company's potential in targeted protein degradation, an emerging therapeutic modality that could be a game-changer in cancer treatment.

The surge in investor sentiment was primarily fueled by interim data from a Phase 1b study evaluating RLY-2608, a potential first-in-class allosteric, pan-mutant and isoform-selective inhibitor of PI3Kα, in combination with AstraZeneca's Faslodex (fulvestrant) in heavily pretreated breast cancer patients. The data showed a median progression-free survival of 9.2 months and an impressive 33% objective response rate across all patients, with the figure rising to 53% for patients with kinase mutations at the recommended Phase 2 dose (RP2D).

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