Relay Therapeutics (NASDAQ:RLAY) Sees Large Volume Increase – Here’s What Happened

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) saw unusually-strong trading volume on Friday . Approximately 534,167 shares traded hands during mid-day trading, a decline of 63% from the previous session’s volume of 1,455,409 shares.The stock last traded at $6.49 and had previously closed at $6.58.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on RLAY shares. JMP Securities reiterated a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a report on Tuesday, September 17th. Oppenheimer cut shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. JPMorgan Chase & Co. decreased their target price on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. 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 on the stock. Finally, Jefferies Financial Group upgraded 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 investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.11.

Relay Therapeutics Trading Up 3.3 %

The firm has a market cap of $910.45 million, a price-to-earnings ratio of -2.70 and a beta of 1.64. The firm has a 50-day moving average of $7.05 and a two-hundred day moving average of $7.12.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.73) by $0.04. During the same period last year, the firm posted ($0.81) EPS. As a group, equities analysts anticipate that Relay Therapeutics, Inc. will post -2.84 EPS for the current year.

Insider Activity at Relay Therapeutics

In related 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 transaction 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related 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 transaction 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Peter Rahmer sold 13,523 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $8.54, for a total value of $115,486.42. Following the completion of the sale, the insider now owns 420,765 shares in the company, valued at approximately $3,593,333.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,717 shares of company stock worth $652,955 over the last three months. Company insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Large investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new stake in Relay Therapeutics during the 3rd quarter worth approximately $390,000. Algert Global LLC grew its position in Relay Therapeutics by 57.9% during the 2nd quarter. Algert Global LLC now owns 476,888 shares of the company’s stock worth $3,109,000 after acquiring an additional 174,953 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in Relay Therapeutics by 54.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 616,220 shares of the company’s stock worth $4,018,000 after buying an additional 218,302 shares in the last quarter. Susquehanna Fundamental Investments LLC lifted its holdings in Relay Therapeutics by 248.7% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 53,442 shares of the company’s stock worth $348,000 after buying an additional 38,117 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in Relay Therapeutics by 404.2% during the 2nd quarter. Millennium Management LLC now owns 1,149,177 shares of the company’s stock worth $7,493,000 after buying an additional 921,271 shares in the last quarter. 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.