Relay Therapeutics initiated with an Outperform at Oppenheimer

Oppenheimer analyst Matthew Biegler initiated coverage of Relay Therapeutics with an Outperform rating and $33 price target. Relay is "one of the most important players in a burgeoning new wave of drug discovery" in the targeted oncology space, said the firm, which believes RLY-4008 looks to be a best-in-class FGFR2 inhibitor.