Raymond James initiated coverage of Relay Therapeutics with an Outperform rating and $29 price target. The firm expects marked reduction in high grade hyperglycemia for RLY-2608 with the initial Phase 1 dose escalation data, which will provide a wider therapeutic window compared to alpelisib and thinks pan-mutant inhibition with agents like RLY-2608 that have favorable selectivity over wild type inhibition can effect greater anti-tumor activity relative to apelisib and greatly expand utilization of the drug class, the analyst tells investors in a research note.
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