Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives $21.22 Consensus Target Price from Analysts

Relay Therapeutics, Inc. (NASDAQ:RLAY) has been assigned an average recommendation of “Moderate Buy” from the ten analysts that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $21.22.

Several research analysts recently weighed in on the company. Bank of America lifted their price target on Relay Therapeutics from $20.00 to $24.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and increased their price target for the stock from $10.60 to $16.00 in a report on Tuesday, September 10th. Oppenheimer cut shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. JMP Securities reissued a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research note on Tuesday, September 17th. Finally, The Goldman Sachs Group started coverage on Relay Therapeutics in a research note on Tuesday, September 10th. They issued a “buy” rating and a $20.00 price target for the company.

Relay Therapeutics Price Performance

RLAY stock opened at $4.76 on Friday. The company has a market capitalization of $796.73 million, a P/E ratio of -1.82 and a beta of 1.67. Relay Therapeutics has a 12 month low of $4.48 and a 12 month high of $12.14. The firm’s fifty day simple moving average is $6.24 and its 200-day simple moving average is $6.89.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.77) by $0.14. Relay Therapeutics’s quarterly revenue was down 100.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.54) earnings per share. As a group, sell-side analysts forecast that Relay Therapeutics will post -2.61 earnings per share for the current year.

Insider Buying and Selling

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.06, for a total value of $41,220.12. Following the transaction, the chief financial officer now owns 306,391 shares in the company, valued at approximately $1,856,729.46. This trade represents a 2.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of hedge funds have recently modified their holdings of RLAY. Virtu Financial LLC purchased a new stake in Relay Therapeutics during the 3rd quarter valued at about $333,000. Barclays PLC grew its position in shares of Relay Therapeutics by 118.4% in the third quarter. Barclays PLC now owns 251,819 shares of the company’s stock valued at $1,783,000 after purchasing an additional 136,541 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Relay Therapeutics by 15.5% in the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock valued at $19,348,000 after purchasing an additional 367,473 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Relay Therapeutics in the third quarter valued at approximately $367,000. Finally, XTX Topco Ltd boosted its stake in Relay Therapeutics by 27.9% during the third quarter. XTX Topco Ltd now owns 47,271 shares of the company’s stock worth $335,000 after buying an additional 10,311 shares during the last quarter. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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.