Relay Therapeutics price target raised to $24 from $20 at BofA

BofA raised the firm’s price target on Relay Therapeutics to $24 from $20 and keeps a Buy rating on the shares. Phase 1/2 dose expansion data for RLY-2608 in second-line and later breast cancer were “highly encouraging,” the analyst tells investors. The data also bode well for Relay’s Phase 3 plan, which the company expects to be a head-to-head superiority trial vs capiva in second-line-plus mBC, pending alignment with the FDA, the analyst added. Given the positive RLY-2608 data, the firm’s target reflects a higher odds of success assumption of 65%, up from 30%, the firm noted.