Relay Therapeutics Faces Downgrade Over Efficacy Concerns in Competitive PI3K Inhibitor Market
Portfolio Pulse from Vandana Singh
Relay Therapeutics (NASDAQ:RLAY) faces a downgrade from Oppenheimer due to concerns over the efficacy of its PI3K inhibitor, RLY-2608, in a competitive market. The clinical benefit rate was 57%, but competitors may offer more selective and effective treatments. RLAY stock fell 6.94% following the news.
September 10, 2024 | 6:50 pm
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Relay Therapeutics was downgraded by Oppenheimer due to concerns over the efficacy of its PI3K inhibitor, RLY-2608. The clinical benefit rate was 57%, which is seen as underwhelming compared to competitors. This has led to a 6.94% drop in RLAY stock.
The downgrade by Oppenheimer is significant as it reflects concerns over the efficacy of RLY-2608, a key product for Relay Therapeutics. The clinical benefit rate of 57% is below expectations, and competitors may offer more effective treatments. This has led to a notable drop in the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100