Relay Therapeutics upgraded to Strong Buy on data at Raymond James

Raymond James analyst Dane Leone upgraded Relay Therapeutics to Strong Buy from Outperform with an unchanged price target of $29 following the RLY-2608 data presentation. The principal platform validation for the Dynamo drug discovery and development platform, increased PI3KH mutant specificity leading to differential toxicity, "was clearly achieved" with no high grade hyperglycemia, the analyst tells investors in a research note. The firm says the lack of discontinuation and limited reductions bode well for sustained dosing intensity, later responses, and durability of benefit.