Stifel analyst Bradley Canino lowered the firm’s price target on Relay Therapeutics to $34 from $38 and keeps a Buy rating on the shares. After releasing its RLY-2608 data, Stifel believes Relay’s value has been effectively zeroed. However, the company delivered the mutant-selective target product profile and its viable a more balanced view of the data will emerge. While Stifel recognizes the risks around missing acute efficacy signal and the high doses of RLY-2608 required, the firm believes the outcome is a $1B+ reward alone.
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Published first on TheFly
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