Relay Therapeutics (NASDAQ:RLAY) PT Lowered to $21.00

Relay Therapeutics (NASDAQ:RLAY) had its price objective cut by research analysts at JPMorgan Chase & Co. from $23.00 to $21.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 170.79% from the company’s previous close.

Several other analysts have also commented on the company. Oppenheimer lowered Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday. The Goldman Sachs Group assumed coverage on shares of Relay Therapeutics in a research note on Tuesday. They set a “buy” rating and a $20.00 price objective on the stock. Barclays cut their price objective on Relay Therapeutics from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. HC Wainwright decreased their target price on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Finally, JMP Securities cut their price target on Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating for the company in a report on Thursday, July 18th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.22.

Relay Therapeutics Trading Down 13.8 %

NASDAQ:RLAY opened at $7.76 on Tuesday. Relay Therapeutics has a 1-year low of $5.70 and a 1-year high of $12.14. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -2.94 and a beta of 1.64. The business’s fifty day moving average price is $7.49 and its 200 day moving average price is $7.43.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.73) by $0.04. During the same quarter last year, the company earned ($0.81) EPS. Equities analysts forecast that Relay Therapeutics will post -2.91 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In related news, insider Peter Rahmer sold 13,708 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the completion of the sale, the insider now directly owns 391,929 shares in the company, valued at approximately $3,209,898.51. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider Peter Rahmer sold 13,708 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the sale, the insider now owns 391,929 shares of the company’s stock, valued at approximately $3,209,898.51. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sanjiv Patel sold 36,706 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $9.07, for a total value of $332,923.42. Following the completion of the transaction, the chief executive officer now directly owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 84,738 shares of company stock valued at $715,499. 4.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Relay Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC acquired a new position in shares of Relay Therapeutics in the 2nd quarter valued at about $37,000. Allspring Global Investments Holdings LLC bought a new position in shares of Relay Therapeutics during the 1st quarter worth approximately $79,000. Virtu Financial LLC acquired a new position in shares of Relay Therapeutics during the 1st quarter valued at $87,000. Los Angeles Capital Management LLC boosted its stake in Relay Therapeutics by 25.7% during the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after acquiring an additional 2,850 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in Relay Therapeutics in the fourth quarter worth $126,000. 96.98% of the stock is currently owned by 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.