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

by · The Markets Daily

Relay Therapeutics, Inc. (NASDAQ:RLAY – Get Free Report) has been given an average recommendation of “Moderate Buy” by the ten analysts that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $21.11.

A number of equities research analysts recently commented on RLAY shares. Oppenheimer lowered shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. Barclays upped their price target on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. The Goldman Sachs Group initiated coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They issued a “buy” rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. decreased their target price on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. Finally, HC Wainwright raised their price target on Relay Therapeutics from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday, September 16th.

View Our Latest Stock Analysis on RLAY

Insider Buying and Selling

In other news, insider Peter Rahmer sold 13,523 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $8.54, for a total transaction of $115,486.42. Following the sale, the insider now owns 420,765 shares in the company, valued at approximately $3,593,333.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Sanjiv Patel sold 36,706 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $9.07, for a total transaction of $332,923.42. Following the completion of the transaction, the chief executive officer now owns 766,130 shares of the company’s stock, valued at $6,948,799.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Peter Rahmer sold 13,523 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $8.54, for a total value of $115,486.42. Following the completion of the sale, the insider now directly owns 420,765 shares in the company, valued at $3,593,333.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 74,717 shares of company stock valued at $652,955 over the last ninety days. Company insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of RLAY. Vanguard Group Inc. grew its position in Relay Therapeutics by 10.9% during the 1st quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock valued at $98,070,000 after purchasing an additional 1,165,282 shares during the last quarter. Bellevue Group AG lifted its stake in shares of Relay Therapeutics by 21.5% in the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock worth $65,356,000 after buying an additional 1,051,082 shares in the last quarter. BVF Inc. IL grew its holdings in shares of Relay Therapeutics by 67.8% during the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after buying an additional 1,604,240 shares during the last quarter. Logos Global Management LP purchased a new stake in shares of Relay Therapeutics during the second quarter valued at approximately $8,476,000. Finally, Millennium Management LLC increased its position in shares of Relay Therapeutics by 404.2% during the second quarter. Millennium Management LLC now owns 1,149,177 shares of the company’s stock valued at $7,493,000 after acquiring an additional 921,271 shares in the last quarter. 96.98% of the stock is currently owned by institutional investors.

Relay Therapeutics Trading Up 2.6 %

Shares of NASDAQ:RLAY opened at $6.41 on Thursday. The stock has a market capitalization of $858.23 million, a P/E ratio of -2.43 and a beta of 1.64. The stock’s 50-day moving average price is $7.13 and its 200-day moving average price is $7.14. Relay Therapeutics has a 12-month low of $5.70 and a 12-month high of $12.14.

Relay Therapeutics (NASDAQ:RLAY – Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.73) by $0.04. During the same period in the prior year, the business earned ($0.81) EPS. As a group, research analysts predict that Relay Therapeutics will post -2.84 EPS for the current year.

About Relay Therapeutics

(Get Free Report

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.

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