The Goldman Sachs Group Lowers Relay Therapeutics (NASDAQ:RLAY) Price Target to $18.00

Relay Therapeutics (NASDAQ:RLAY) had its price target reduced by research analysts at The Goldman Sachs Group from $20.00 to $18.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 427.86% from the stock’s current price.

Several other research analysts also recently commented on the company. JMP Securities reissued a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a research note on Thursday, December 12th. Stifel Nicolaus reduced their price objective on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday. Leerink Partners reduced their price objective on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, December 4th. Finally, HC Wainwright reissued a “buy” rating and issued a $16.00 price objective on shares of Relay Therapeutics in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $19.80.

Relay Therapeutics Price Performance

Shares of NASDAQ:RLAY opened at $3.41 on Thursday. Relay Therapeutics has a 1 year low of $3.05 and a 1 year high of $10.72. The firm has a market capitalization of $570.78 million, a price-to-earnings ratio of -1.31 and a beta of 1.61. The business’s 50 day moving average price is $4.29 and its 200-day moving average price is $5.52.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.12. On average, sell-side analysts expect that Relay Therapeutics will post -2.55 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Thomas Catinazzo sold 36,036 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $4.63, for a total transaction of $166,846.68. Following the completion of the transaction, the chief financial officer now directly owns 263,190 shares in the company, valued at approximately $1,218,569.70. This represents a 12.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sanjiv Patel sold 100,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $5.00, for a total value of $500,000.00. Following the transaction, the chief executive officer now owns 574,548 shares of the company’s stock, valued at approximately $2,872,740. This represents a 14.82 % 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 in the last three months. 4.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Relay Therapeutics

A number of hedge funds have recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Relay Therapeutics by 4.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 232,582 shares of the company’s stock worth $958,000 after purchasing an additional 9,293 shares during the period. Squarepoint Ops LLC boosted its holdings in Relay Therapeutics by 535.9% during the 4th quarter. Squarepoint Ops LLC now owns 162,588 shares of the company’s stock valued at $670,000 after acquiring an additional 137,020 shares during the period. Twinbeech Capital LP purchased a new position in Relay Therapeutics during the 4th quarter valued at about $42,000. Two Sigma Advisers LP boosted its holdings in Relay Therapeutics by 4.0% during the 4th quarter. Two Sigma Advisers LP now owns 638,900 shares of the company’s stock valued at $2,632,000 after acquiring an additional 24,700 shares during the period. Finally, Tang Capital Management LLC boosted its holdings in Relay Therapeutics by 126.1% during the 4th quarter. Tang Capital Management LLC now owns 8,068,058 shares of the company’s stock valued at $33,240,000 after acquiring an additional 4,500,000 shares during the period. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

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.