Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have earned a consensus rating of “Moderate Buy” from the ten brokerages that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $21.11.

RLAY has been the subject of a number of recent analyst reports. The Goldman Sachs Group assumed coverage on shares of Relay Therapeutics in a research note on Tuesday, September 10th. They issued a “buy” rating and a $20.00 price objective for the company. Bank of America upped their price target on Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Jefferies Financial Group upgraded Relay Therapeutics from a “hold” rating to a “buy” rating and raised their price objective for the stock from $10.60 to $16.00 in a research report on Tuesday, September 10th. JPMorgan Chase & Co. dropped their target price on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. Finally, Barclays raised their price target on shares of Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th.

Insider Activity at Relay Therapeutics

In related news, insider Peter Rahmer sold 13,708 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total value of $112,268.52. Following the completion of the transaction, the insider now directly owns 391,929 shares in the company, valued at $3,209,898.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of Relay Therapeutics stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the completion of the transaction, the insider now directly owns 391,929 shares of the company’s stock, valued at $3,209,898.51. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas Catinazzo sold 10,780 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $8.56, for a total transaction of $92,276.80. Following the completion of the sale, the chief financial officer now owns 319,650 shares of the company’s stock, valued at approximately $2,736,204. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 74,717 shares of company stock worth $652,955. Company insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC acquired a new position in shares of Relay Therapeutics during the 2nd quarter worth about $37,000. Allspring Global Investments Holdings LLC bought a new position in Relay Therapeutics during the first quarter worth about $79,000. Virtu Financial LLC acquired a new position in Relay Therapeutics in the first quarter valued at about $87,000. Los Angeles Capital Management LLC raised its position in shares of Relay Therapeutics by 25.7% during the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after purchasing an additional 2,850 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Relay Therapeutics during the 1st quarter valued at about $127,000. Institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Price Performance

RLAY stock opened at $6.49 on Thursday. The firm has a market cap of $861.50 million, a PE ratio of -2.46 and a beta of 1.64. Relay Therapeutics has a 12 month low of $5.70 and a 12 month high of $12.14. The firm has a 50 day simple moving average of $7.31 and a 200 day simple moving average of $7.19.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.04. During the same period last year, the business earned ($0.81) EPS. As a group, sell-side analysts expect that Relay Therapeutics will post -2.84 earnings per share for the current year.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc operates as a clinical-stage precision medicines company. It engages in transforming the drug discovery process with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. The company's lead product candidates include RLY-4008, an oral small molecule inhibitor of fibroblast growth factor receptor 2 (FGFR2), which is in a first-in-human clinical trial for patients with advanced or metastatic FGFR2-altered solid tumors; RLY-2608, a lead mutant-PI3Ka inhibitor program that targets phosphoinostide 3 kinase alpha; and Migoprotafib (GDC-1971), an oral, small molecule, potent and selective inhibitor of the protein tyrosine phosphatase SHP2 that binds and stabilizes Src homology region 2 domain-containing phosphatase-2 (SHP2) as a monotherapy in patients with advanced or metastatic solid tumors.