Leerink analyst Christopher Liu lowered the firm’s price target on Relay Therapeutics (RLAY) to $18 from $19 and keeps an Outperform rating on the shares after the company announced that lirafugratinib will be out licensed to Elevar Therapeutics. Recall, the company had previously announced its decision to seek a global commercial partner for lirafugratinib during a company event in September 2024. Overall, Leerink thinks this decision is a prudent use of resources given the relatively small size of FGFR2+ populations.
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