Relay Therapeutics, Inc. (NASDAQ:RLAY) Given Average Rating of “Moderate Buy” by Brokerages

Relay Therapeutics, Inc. (NASDAQ:RLAY) has received a consensus rating of “Moderate Buy” from the ten brokerages that are covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $21.22.

RLAY has been the topic of a number of recent analyst reports. Bank of America increased their price target on Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. The Goldman Sachs Group initiated coverage on Relay Therapeutics in a report on Tuesday, September 10th. They set a “buy” rating and a $20.00 price objective for the company. JMP Securities reiterated a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a report on Tuesday, September 17th. Stifel Nicolaus restated a “buy” rating and issued a $28.00 price objective on shares of Relay Therapeutics in a report on Monday, September 16th. Finally, Barclays lifted their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th.

Relay Therapeutics Stock Performance

Relay Therapeutics stock opened at $4.64 on Friday. Relay Therapeutics has a fifty-two week low of $4.48 and a fifty-two week high of $12.14. The company has a market capitalization of $776.64 million, a price-to-earnings ratio of -1.78 and a beta of 1.67. The stock has a fifty day moving average of $6.42 and a two-hundred day moving average of $6.93.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. The business’s quarterly revenue was down 100.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.54) earnings per share. On average, analysts forecast that Relay Therapeutics will post -2.61 EPS for the current fiscal year.

Insider Activity

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.06, for a total value of $41,220.12. Following the transaction, the chief financial officer now directly owns 306,391 shares of the company’s stock, valued at $1,856,729.46. This represents a 2.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Eventide Asset Management LLC bought a new position in shares of Relay Therapeutics during the third quarter worth about $18,989,000. Walleye Capital LLC raised its stake in Relay Therapeutics by 6,659.2% during the third quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock valued at $12,885,000 after buying an additional 1,793,057 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Relay Therapeutics during the 3rd quarter worth approximately $9,554,000. Logos Global Management LP acquired a new position in shares of Relay Therapeutics in the 2nd quarter worth approximately $8,476,000. Finally, First Turn Management LLC bought a new stake in shares of Relay Therapeutics in the 3rd quarter valued at approximately $8,683,000. 96.98% of the stock is owned by institutional investors and hedge funds.

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.