Raymond James lowered the firm’s price target on Relay Therapeutics (RLAY) to $19 from $29 and keeps a Strong Buy rating on the shares. Relay Therapeutics reported Q2 results, and OpEx was down 16% quarter over quarter following strategic cost-cutting initiatives, which is meaningful, the analyst tells investors in a research note. The firm does not anticipate a significant increase in burn in the near-term, despite ramping the Phase 3 RLY-2608 study.
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