Relay Therapeutics (NASDAQ:RLAY) was upgraded by Jefferies but downgraded by Oppenheimer on Tuesday, the day after the shares rallied over 50% on positive data for its breast cancer drug candidate RLY-2608.

Jefferies upgraded the stock to buy, stating that the drug’s efficacy “looks competitive.”

The investment bank said that while it thinks “next-gen SERD combo data looks better,” it sees space for RLY-2608 in HR+/HER2- metastatic breast cancer post-SERD combo and as a triplet therapy. It raised its peak sales estimate for the product to around $680M.

Jefferies set a price target for the stock of $16.

Meanwhile, Oppenheimer downgraded Relay (RLAY) to perform, citing potential competition for RLY-2608.

The investment bank said it was underwhelmed by recent data released on the drug.

“We think the results leave a lot of wiggle room for competitors including Scorpion and OnKure, each of whom have more selective drugs,” Oppenheimer said in a note.

Oppenheimer didn’t set a price target.