Relay Therapeutics price target raised to $22 from $15 at Guggenheim

Guggenheim analyst Brad Canino raised the firm’s price target on Relay Therapeutics (RLAY) to $22 from $15 and keeps a Buy rating on the shares. An updated analysis of Novartis’ (NVS) alpelisib suggests vascular malformations sales of about $259M in year four of launch, says the analyst, whose thesis that Relay’s zovegalisib is a better drug leaves the firm “comfortable” setting $500M as “the floor peak sales opportunity.”