Leerink Partners Cuts Relay Therapeutics (NASDAQ:RLAY) Price Target to $18.00

Relay Therapeutics (NASDAQ:RLAY) had its target price decreased by Leerink Partners from $19.00 to $18.00 in a research report released on Wednesday morning,Benzinga reports. Leerink Partners currently has an outperform rating on the stock.

RLAY has been the subject of several other reports. Oppenheimer downgraded shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. HC Wainwright lowered their price target on Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday. Stifel Nicolaus reiterated a “buy” rating and set a $28.00 price target on shares of Relay Therapeutics in a research note on Monday, September 16th. The Goldman Sachs Group began coverage on Relay Therapeutics in a research note on Tuesday, September 10th. They issued a “buy” rating and a $20.00 price objective for the company. Finally, Barclays upped their target price on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Relay Therapeutics Price Performance

Shares of NASDAQ:RLAY opened at $4.61 on Wednesday. The firm has a market capitalization of $771.64 million, a P/E ratio of -1.76 and a beta of 1.59. The business’s 50-day moving average is $5.84 and its 200 day moving average is $6.79. Relay Therapeutics has a 1 year low of $4.25 and a 1 year high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.77) by $0.14. Relay Therapeutics’s quarterly revenue was down 100.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.54) EPS. On average, analysts expect that Relay Therapeutics will post -2.61 EPS for the current year.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.06, for a total value of $41,220.12. Following the completion of the transaction, the chief financial officer now owns 306,391 shares in the company, valued at approximately $1,856,729.46. This represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC acquired a new stake in Relay Therapeutics in the 2nd quarter worth about $37,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Relay Therapeutics in the third quarter worth approximately $63,000. Portland Investment Counsel Inc. acquired a new position in Relay Therapeutics in the 3rd quarter valued at $71,000. Virtu Financial LLC acquired a new stake in Relay Therapeutics during the 1st quarter worth $87,000. Finally, Values First Advisors Inc. acquired a new stake in Relay Therapeutics during the 3rd quarter worth $75,000. Hedge funds and other institutional investors own 96.98% of the company’s stock.

About Relay Therapeutics

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.