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Relay Therapeutics' Stock Price Premium Vs Peers Is Justified By Its Platform Technology, Analyst Says

Vandana Singh
更新日期： ·2 分鐘文章

  • Raymond James initiated coverage of Relay Therapeutics Inc (NASDAQ: RLAY) with an Outperform rating and a price target of $29 based upon the stock trading at 8x our EV/5-year forward sales estimate.

  • The price is a premium to small-cap peers trading at 1-2x and mid-cap peers at ~3x, justified by Relay’s platform technology for identifying selective agents against validation targets in oncology and near-term potential for platform validation.

  • The analyst expects a marked reduction in high-grade hyperglycemia for RLY-2608 with initial Phase 1 dose escalation data, providing a wider therapeutic window compared to Novartis AG’s (NYSE: NVS) Piqray (alpelisib).

  • Raymond James writes that pan-mutant inhibition with agents like RLY-2608 that have favorable selectivity over wild-type inhibition can effect greater anti-tumor activity relative to apelisib and significantly expand the utilization of the drug class.

  • RLY-4008 data in FGFR2 fusion cholangiocarcinoma (CCA) have provided an initial proof-of-concept for the Dynamo drug discovery platform. If the success with engineering an FGFR2 inhibitor can be replicated in PI3Kα, the value of platform validation will be significant.

  • The analyst says the biggest risk to the thesis will likely be addressed at the upcoming presentation of initial RLY-2608 monotherapy and fulvestrant combination dose escalation data at AACR 2023.

  • Price Action: RLAY shares closed higher by 13.8% at $18.22 on Thursday.

Latest Ratings for RLAY

Date

Firm

Action

From

To

Feb 2022

Berenberg

Initiates Coverage On

Buy

Aug 2021

HC Wainwright & Co.

Maintains

Buy

Jul 2021

B of A Securities

Initiates Coverage On

Buy

View More Analyst Ratings for RLAY

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This article Relay Therapeutics' Stock Price Premium Vs Peers Is Justified By Its Platform Technology, Analyst Says originally appeared on Benzinga.com

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