Relay Therapeutics (NASDAQ:RLAY) Given “Buy” Rating at Stifel Nicolaus

Stifel Nicolaus reissued their buy rating on shares of Relay Therapeutics (NASDAQ:RLAY) in a research report report published on Monday, Benzinga reports. The firm currently has a $28.00 price target on the stock.

Other research analysts have also issued research reports about the company. Bank of America raised their price objective on Relay Therapeutics from $20.00 to $24.00 and gave the company a buy rating in a research report on Tuesday, September 10th. HC Wainwright lifted their target price on Relay Therapeutics from $18.00 to $19.00 and gave the stock a buy rating in a report on Monday. The Goldman Sachs Group started coverage on Relay Therapeutics in a report on Tuesday, September 10th. They issued a buy rating and a $20.00 target price for the company. Barclays lifted their target price on Relay Therapeutics from $14.00 to $17.00 and gave the stock an overweight rating in a report on Tuesday, September 10th. Finally, Jefferies Financial Group raised Relay Therapeutics from a hold rating to a buy rating and lifted their target price for the stock from $10.60 to $16.00 in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $21.11.

Relay Therapeutics Stock Performance

NASDAQ RLAY opened at $8.11 on Monday. Relay Therapeutics has a fifty-two week low of $5.70 and a fifty-two week high of $12.14. The stock has a 50 day simple moving average of $7.57 and a two-hundred day simple moving average of $7.36. The stock has a market cap of $1.09 billion, a P/E ratio of -3.07 and a beta of 1.64.

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, topping the consensus estimate of ($0.73) by $0.04. During the same period in the prior year, the business posted ($0.81) earnings per share. Sell-side analysts predict that Relay Therapeutics will post -2.86 earnings per share for the current year.

Insider Activity

In other news, CEO Sanjiv Patel sold 36,706 shares of the business’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 transaction, the chief executive officer now directly owns 766,130 shares in the company, valued at $6,948,799.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Sanjiv Patel sold 36,706 shares of Relay Therapeutics 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 sale, the chief executive officer now directly owns 766,130 shares of the company’s stock, valued at $6,948,799.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas Catinazzo sold 9,373 shares of Relay Therapeutics stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $6.24, for a total value of $58,487.52. Following the completion of the sale, the chief financial officer now directly owns 330,430 shares in the company, valued at $2,061,883.20. The disclosure for this sale can be found here. Insiders have sold 84,738 shares of company stock worth $715,499 over the last ninety days. Corporate 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. Vanguard Group Inc. raised its holdings in shares of Relay Therapeutics by 10.9% in the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock worth $98,070,000 after buying an additional 1,165,282 shares during the period. Bellevue Group AG raised its holdings 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 during the period. BVF Inc. IL raised its holdings 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 buying an additional 1,604,240 shares during the period. Norges Bank purchased a new stake in shares of Relay Therapeutics in the fourth quarter worth approximately $33,789,000. Finally, Finepoint Capital LP grew its stake in Relay Therapeutics by 51.3% in the fourth 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. 96.98% of the stock is 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.