Relay Therapeutics upgraded at Oppenheimer ahead of VIKTORIA-1 readout

As previously reported, Oppenheimer upgraded Relay Therapeutics (RLAY) to Outperform from Perform with a $14 price target citing the belief that gedatolisib’s upcoming VIKTORIA-1 readout could be a tailwind for mutant-selective inhibitors like zovegalisib. The firm believes VIKTORIA-1 will underperform expectations, and may even fail, says the analyst, who thinks anything less than “teenage” mPFS for the gedatolisib triplet would create “a beatable bar for Relay,” which is developing a competing triplet with zovegalisib.