Keep eye on Relay Therapeutics (SYM: RLAY).
Analysts at Barclays just upgraded the stock to an overweight rating, with a price target of $15 a share. As noted by CNBC, the firm noted “there is a potential $4 billion market opportunity ‘for a mutant selective PI3Kalpha inhibitor’ tied to treatments for HR+/HER2- breast cancer, or roughly 35% of the $12 billion in total sales in 2024 expected for another class of drugs; CDK4/6 inhibitors (palbociclib, ribociclib, abemaciclib) approved in HR+/HER2-.”
“We believe the 2H update will help show the superior efficacy/safety profile for Relay’s PI3Kalpha (RLY-2608) over existing PI3Kalpha inhibitors like alpelisib and inavolisib.”
In addition, as noted by Sanjiv Patel, M.D., President and Chief Executive Officer of Relay Therapeutics, the company does expect to share more data in the second half of the year.
