Relay Therapeutics Inc (RLAY) shares plummeted over 17% on Wednesday after the company announced a $200 million stock offering. The offering, led by Goldman Sachs, TD Cowen, Stifel, and BofA Securities, is expected to close around September 12th. Investors are considering the impact of this offering on the stock’s future performance, with the RSI indicating overbought conditions.
Relay Therapeutics announced positive interim data for its drug candidate RLY-2608 in treating patients with PI3Kα-mutated, HR+, HER2- breast cancer. The data showed clinically meaningful progression-free survival and a high clinical benefit rate in patients receiving RLY-2608 in combination with fulvestrant. The drug was generally well-tolerated, and the company plans to pursue regulatory approval for lirafugratinib in cholangiocarcinoma.
The Dow Jones Industrial Average surged by over 400 points on Monday, driven by positive news from several companies. Terns Pharmaceuticals shares jumped over 20% after announcing promising data from its Phase 1 trial for a new obesity treatment. Other notable gains came from Summit Therapeutics, Relay Therapeutics, ADMA Biologics, and more.
