Relay Therapeutics price target raised to $18 from $14 at Oppenheimer

Oppenheimer raised the firm’s price target on Relay Therapeutics (RLAY) to $18 from $14 and keeps an Outperform rating on the shares. The firm thought Relay’s zovegalisib triplet data check an important box for the story, showing the drug can be safely dosed in a triplet combination without any drug-drug interactions. Broadly speaking, Oppenheimer believes the 44% ORR is competitive to gedatolisib’s Phase 2 data – an admittedly high bar. Safety was strong without any Grade 3 hyperglycemia, which it thinks continues to validate the mutant-selective approach.