Relay Therapeutics price target lowered to $24 from $25 at Oppenheimer

Oppenheimer lowered the firm’s price target on Relay Therapeutics to $24 from $25 and keeps an Outperform rating on the shares. After a year-and-a-half hiatus, Relay plans to update data from its ongoing ReDiscover study next quarter, the firm notes. SABCC would be the most appropriate venue, in Oppenheimer’s view. The firm’s thesis on the drug remains unchanged, namely efficacy on par with alpelisib, but with better tolerability should translate to improved CBR-and 50% is a well-established benchmark it thinks RLY-2608 can beat.