Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives $22.80 Average PT from Analysts

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have been given an average rating of “Buy” by the seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $22.80.

RLAY has been the subject of several recent research reports. Oppenheimer reiterated an “outperform” rating and set a $25.00 target price (down from $33.00) on shares of Relay Therapeutics in a report on Monday, May 6th. JMP Securities restated a “market outperform” rating and issued a $24.00 price objective on shares of Relay Therapeutics in a report on Monday, May 6th. Barclays upgraded shares of Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 price objective for the company in a report on Friday, May 10th. Finally, HC Wainwright restated a “buy” rating and issued a $20.00 price objective on shares of Relay Therapeutics in a report on Friday, June 7th.

Insiders Place Their Bets

In other Relay Therapeutics news, insider Peter Rahmer sold 20,450 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total value of $144,377.00. Following the completion of the sale, the insider now owns 432,425 shares of the company’s stock, valued at approximately $3,052,920.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last quarter, insiders sold 43,354 shares of company stock valued at $292,292. Company insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC bought a new stake in Relay Therapeutics in the 1st quarter worth approximately $79,000. Virtu Financial LLC bought a new stake in shares of Relay Therapeutics during the 1st quarter valued at $87,000. Los Angeles Capital Management LLC grew its position in shares of Relay Therapeutics by 25.7% during the 1st quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after acquiring an additional 2,850 shares during the period. Victory Capital Management Inc. bought a new stake in shares of Relay Therapeutics during the 4th quarter valued at $126,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Relay Therapeutics during the 1st quarter valued at $127,000. Institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Stock Performance

RLAY stock opened at $6.30 on Tuesday. The firm has a 50 day moving average price of $6.79 and a 200-day moving average price of $8.58. Relay Therapeutics has a 52-week low of $5.70 and a 52-week high of $13.32. The firm has a market capitalization of $836.27 million, a price-to-earnings ratio of -2.39 and a beta of 1.66.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.08. Relay Therapeutics had a negative net margin of 1,263.49% and a negative return on equity of 42.66%. The firm had revenue of $10.01 million during the quarter, compared to analyst estimates of $0.12 million. During the same period last year, the business earned ($0.78) earnings per share. The business’s revenue was up 4327.9% on a year-over-year basis. As a group, sell-side analysts forecast that Relay Therapeutics will post -2.81 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.