Relay Therapeutics downgraded to Perform from Outperform at Oppenheimer

Oppenheimer downgraded Relay Therapeutics to Perform from Outperform. The firm says the results from the company’s ReDiscover study were “underwhelming” with a 57% clinical benefit rate relative to its internal bar of 50%, though it may have been “overly critical”, the analyst tells investors in a research note. Oppenheimer adds however that Relay is “leaving efficacy on the table” to spare the hyperglycemia risk, and the reported results leave a lot of wiggle room for competitors like Scorpion and OnKure, each of whom have more selective drugs.