Analyst Silvan Tuerkcan of JMP Securities maintained a Buy rating on Relay Therapeutics (RLAY – Research Report), reducing the price target to $12.00.
Silvan Tuerkcan has given his Buy rating due to a combination of factors surrounding Relay Therapeutics’ strategic advancements and clinical trial developments. The company has outlined a pivotal phase 3 trial for its drug RLY-2608, which will be tested in combination with fulvestrant against a competitor’s treatment. This trial design, which follows a successful phase 2 trial, provides a clearer clinical pathway and positions RLY-2608 as a potentially superior option in the treatment landscape.
Furthermore, the phase 3 trial aims to enroll a significant number of patients and will evaluate key endpoints such as progression-free survival and overall survival. Despite a delay in the expected launch date to 2029, the potential for improved safety and efficacy, as demonstrated in earlier trials, supports the optimistic outlook. The adjustment in dosage, supported by pharmacokinetic data, also suggests enhanced tolerability, which could further differentiate RLY-2608 from existing treatments. These factors collectively underpin the Buy rating, reflecting confidence in the drug’s future market performance.
Tuerkcan covers the Healthcare sector, focusing on stocks such as Relay Therapeutics, Exelixis, and Solid Biosciences. According to TipRanks, Tuerkcan has an average return of -1.3% and a 35.11% success rate on recommended stocks.
In another report released yesterday, Barclays also maintained a Buy rating on the stock with a $17.00 price target.