Relay Therapeutics price target lowered to $28 from $45 at Guggenheim

Guggenheim analyst Michael Schmidt lowered the firm’s price target on Relay Therapeutics to $28 from $45 and keeps a Buy rating on the shares after previewing the company’s upcoming Phase I data readout of its PI3Kalpha inhibitor RLY-2608 at AACR in April and also providing an overview of the landscape of PI3K inhibitors. The firm estimates up to 25% upside and 35% downside "bookends" to $21 or $11 per share on positive or disappointing Phase I data for RLY-2608, respectively. The firm’s updated price target incorporates updated assumptions for RLY-4008 and RLY-2608, the analyst tells investors.