Bond.az - Citizens raised its price target on Relay Therapeutics (RLAY) to $21 from $19, maintaining a Market Outperform rating. The stock currently trades at $12.07, implying significant upside. Shares have surged 296% over the past year, reflecting growing confidence.
The firm cited strong data for zovegalisib in vascular anomalies, with a 60% volumetric response rate at 12 weeks and 100% at the selected dose. Currently, only Vijoice (alpelisib) is approved for this indication, with a 28% response rate and poor tolerability.
Citizens increased its probability of success to 55% from 40%. The new target is based on a discounted cash flow model. Analysts maintain a strong buy consensus with price targets from $18 to $29.
In other news, Relay announced a $175 million public offering. Jones Trading upgraded the stock to Buy, and H.C. Wainwright raised its target to $25.
