Relay Therapeutics (NASDAQ:RLAY) Upgraded to Buy at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Relay Therapeutics (NASDAQ:RLAY) from a hold rating to a buy rating in a research note published on Tuesday, MarketBeat reports. They currently have $16.00 price target on the stock, up from their prior price target of $10.60.

A number of other analysts have also commented on RLAY. HC Wainwright decreased their target price on Relay Therapeutics from $20.00 to $18.00 and set a buy rating for the company in a research report on Wednesday, July 17th. Barclays decreased their price objective on Relay Therapeutics from $15.00 to $14.00 and set an overweight rating for the company in a report on Friday, July 26th. JMP Securities cut their target price on Relay Therapeutics from $24.00 to $21.00 and set a market outperform rating on the stock in a report on Thursday, July 18th. Oppenheimer lowered their price objective on shares of Relay Therapeutics from $25.00 to $24.00 and set an outperform rating on the stock in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Relay Therapeutics from $29.00 to $23.00 and set an overweight rating for the company in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Relay Therapeutics currently has a consensus rating of Moderate Buy and an average price target of $21.22.

Relay Therapeutics Stock Performance

NASDAQ:RLAY opened at $9.00 on Tuesday. The firm has a market cap of $1.19 billion, a P/E ratio of -3.41 and a beta of 1.64. The firm’s fifty day moving average is $7.46 and its 200-day moving average is $7.43. Relay Therapeutics has a 52 week low of $5.70 and a 52 week high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.04. During the same period in the prior year, the company earned ($0.81) earnings per share. As a group, sell-side analysts anticipate that Relay Therapeutics will post -2.91 earnings per share for the current year.

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total value of $112,268.52. Following the completion of the sale, the insider now directly owns 391,929 shares of the company’s stock, valued at approximately $3,209,898.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total value of $112,268.52. Following the transaction, the insider now owns 391,929 shares of the company’s stock, valued at $3,209,898.51. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Sanjiv Patel sold 36,706 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $9.07, for a total value of $332,923.42. Following the sale, the chief executive officer now directly owns 766,130 shares of the company’s stock, valued at $6,948,799.10. The disclosure for this sale can be found here. Insiders have sold 84,738 shares of company stock valued at $715,499 over the last ninety days. Corporate insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Relay Therapeutics by 10.9% during the 1st quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock worth $98,070,000 after purchasing an additional 1,165,282 shares during the last quarter. Bellevue Group AG increased its position in 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 during the last quarter. BVF Inc. IL raised its stake in shares of Relay Therapeutics by 67.8% in 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 period. Norges Bank purchased a new position in shares of Relay Therapeutics during the 4th quarter valued at $33,789,000. Finally, Finepoint Capital LP grew its stake in shares of Relay Therapeutics by 51.3% during the 4th quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock worth $14,510,000 after acquiring an additional 447,000 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.