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Bank of America's Jason Gerberry raised their price target on Relay Therapeutics (NASDAQ: RLAY) by 20% from $20 to $24 on 2024/09/10. The analyst maintained their Strong Buy rating on the stock.

Gerberry's price target hike followed Relay Therapeutics' positive interim data for RLY-2608, released on 2024/09/09.

Results from RLY-2608's phase 1/2 dosage expansion in patients with advanced breast cancer were "extremely encouraging," the analyst detailed

Gerberry also noted that the statistics are encouraging for Relay's Phase 3 plan, which, once aligned with the FDA, is expected to be "a head-to-head superiority study vs capiva in second-line-plus mBC." 

In light of the encouraging RLY-2608 results, the analyst raised their target to reflect a 65% success probability assumption, up from 30%.