Barclays Increases Rating on Biotech Stock, Predicts Potential for More Than Double Growth

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In a recent report, Barclays upgraded Relay Therapeutics stock to overweight from equal weight, with a price target of $15 per share. This upgrade is based on the potential progress in drug tests for a proposed breast cancer treatment, which could significantly boost the stock by more than 137% from its current price of $6.31.

Analyst Peter Lawson believes there is a substantial market opportunity for Relay Therapeutics in the treatment of HR+/HER2- breast cancer, with a potential $4 billion market. The company’s PI3Kalpha inhibitor, RLY-2608, has shown promising early data with significant differentiation from existing molecules. Barclays is optimistic about the outcome of an expanded Phase 1 study of RLY-2608, stating that positive data could drive the stock up by $5, while negative data could lead to a $2 decrease.

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