Barclays analyst Peter Lawson raised the firm’s price target on Relay Therapeutics to $17 from $14 and keeps an Overweight rating on the shares as the firm updated its model following positive data reported earlier today for RLY-2608 plus fulvestrant in advanced HR+/HER2- breast cancer. The firm increased its view of the probability of success for RLY-2608 to 65% from 25%, slightly increased its penetration estimate to 30% from 20% and adjusted model for the potential partnering of the FGFR2 inhibitor, the analyst tells investors.
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