Relay Therapeutics (NASDAQ:RLAY) PT Raised to $24.00 at Bank of America

Relay Therapeutics (NASDAQ:RLAY) had its price target boosted by equities researchers at Bank of America from $20.00 to $24.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price target would indicate a potential upside of 209.48% from the stock’s previous close.

A number of other research analysts have also issued reports on RLAY. The Goldman Sachs Group initiated coverage on shares of Relay Therapeutics in a research note on Tuesday. They issued a “buy” rating and a $20.00 target price on the stock. JPMorgan Chase & Co. decreased their price target on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday. JMP Securities lowered their target price on shares of 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 downgraded Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday. Finally, HC Wainwright reduced their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.22.

Relay Therapeutics Stock Performance

Shares of RLAY opened at $7.76 on Tuesday. Relay Therapeutics has a one year low of $5.70 and a one year high of $12.14. The company has a market capitalization of $1.03 billion, a P/E ratio of -2.94 and a beta of 1.64. The stock has a 50-day moving average price of $7.49 and a 200 day moving average price of $7.43.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter in the prior year, the business posted ($0.81) earnings per share. As a group, equities research analysts forecast that Relay Therapeutics will post -2.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 36,706 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $9.07, for a total transaction of $332,923.42. Following the completion of the sale, the chief executive officer now owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Sanjiv Patel sold 36,706 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Thomas Catinazzo sold 10,780 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $8.56, for a total value of $92,276.80. Following the completion of the transaction, the chief financial officer now directly owns 319,650 shares of the company’s stock, valued at approximately $2,736,204. The disclosure for this sale can be found here. Insiders sold 84,738 shares of company stock valued at $715,499 in the last three months. Corporate insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of hedge funds have recently added to or reduced their stakes in RLAY. Caxton Associates LP grew its holdings in shares of Relay Therapeutics by 637.3% during the fourth quarter. Caxton Associates LP now owns 279,101 shares of the company’s stock valued at $3,073,000 after buying an additional 241,247 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Relay Therapeutics by 57.2% during the 1st quarter. Russell Investments Group Ltd. now owns 179,972 shares of the company’s stock valued at $1,494,000 after purchasing an additional 65,484 shares during the last quarter. Finepoint Capital LP increased its holdings in 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 purchasing an additional 447,000 shares in 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 worth $43,710,000 after purchasing an additional 1,604,240 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Relay Therapeutics in the fourth quarter valued at approximately $33,789,000. 96.98% of the stock is currently owned by institutional investors.

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.