Relay Therapeutics Inc

Raymond James has updated its Healthcare Top Picks list for October, adding Xencor, Calyxt, and UnitedHealth Group while removing Relay Therapeutics, Tyra Biosciences, and Oscar Health. Xencor replaces Relay Therapeutics, with the firm anticipating significant interest in Xencor's dataset at ESMO at the end of October and seeing near-term upside on a positive readout and a clear path to pivotal development for XmAb819 in clear cell renal cell carcinoma, even as it maintains a Strong Buy rating on Relay Therapeutics. Calyxt replaces Tyra Biosciences, with Raymond James citing an increasingly derisked setup for both of Calyxt's lead assets, CLYM116 and budoprutug; initial Phase 2 data for CLYM116 is expected next year ahead of a Phase 3 study in IgAN patients, while additional budoprutug data across pMN, ITP, and SLE is due in the fourth quarter of 2026, and the firm noted the subcutaneous formulation could differentiate it from approved anti-CD19 Uplizna. UnitedHealth Group replaces Oscar Health ahead of third-quarter earnings in mid-October, with the firm saying the recent pullback on Stars and midterm election-related concerns creates an attractive setup into what it expects to be a strong quarter. Raymond James said it remains positive on Oscar Health with an Outperform rating but currently prefers UnitedHealth given the monthly nature of the list.