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

Relay Therapeutics, Inc. (NASDAQ:RLAY) has earned an average rating of “Moderate Buy” from the ten brokerages that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $19.80.

RLAY has been the topic of several research reports. JMP Securities reissued a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a research note on Thursday, December 12th. Stifel Nicolaus decreased their target price on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a report on Thursday. The Goldman Sachs Group decreased their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday. Leerink Partners decreased their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a report on Tuesday, January 14th.

Insider Activity

In other news, insider Peter Rahmer sold 32,156 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total transaction of $133,447.40. Following the completion of the transaction, the insider now directly owns 357,507 shares of the company’s stock, valued at $1,483,654.05. The trade was a 8.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas Catinazzo sold 20,791 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $4.42, for a total transaction of $91,896.22. Following the transaction, the chief financial officer now directly owns 379,431 shares of the company’s stock, valued at $1,677,085.02. The trade was a 5.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 570,152 shares of company stock valued at $2,491,157 over the last three months. Insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its holdings in Relay Therapeutics by 26.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company’s stock valued at $7,333,000 after buying an additional 214,398 shares during the last quarter. Maven Securities LTD purchased a new stake in Relay Therapeutics during the third quarter valued at approximately $2,389,000. Geode Capital Management LLC increased its holdings in Relay Therapeutics by 15.5% during the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock valued at $19,348,000 after buying an additional 367,473 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Relay Therapeutics by 39.2% during the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock valued at $39,064,000 after buying an additional 1,554,115 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in Relay Therapeutics by 3,883.8% during the third quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock valued at $9,429,000 after buying an additional 1,361,779 shares during the last quarter. 96.98% of the stock is owned by hedge funds and other institutional investors.

Relay Therapeutics Price Performance

NASDAQ:RLAY opened at $3.41 on Friday. Relay Therapeutics has a one year low of $3.05 and a one year high of $10.72. The company’s 50-day simple moving average is $4.29 and its 200 day simple moving average is $5.51. The firm has a market capitalization of $570.78 million, a P/E ratio of -1.31 and a beta of 1.61.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.57) by $0.12. On average, equities research analysts expect that Relay Therapeutics will post -2.55 earnings per share for the current fiscal year.

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.