Leerink Partners Has Lowered Expectations for Relay Therapeutics (NASDAQ:RLAY) Stock Price

Relay Therapeutics (NASDAQ:RLAY) had its price objective reduced by analysts at Leerink Partners from $19.00 to $18.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Leerink Partners’ target price would suggest a potential upside of 320.56% from the stock’s previous close.

RLAY has been the subject of several other research reports. The Goldman Sachs Group started coverage on shares of Relay Therapeutics in a research note on Tuesday, September 10th. They set a “buy” rating and a $20.00 target price for the company. HC Wainwright decreased their target price on Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. lowered their target price on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. Oppenheimer lowered Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. Finally, Stifel Nicolaus restated a “buy” rating and set a $28.00 price objective on shares of Relay Therapeutics in a research note on Monday, September 16th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Relay Therapeutics Stock Performance

Shares of Relay Therapeutics stock opened at $4.28 on Wednesday. The firm has a market cap of $716.40 million, a PE ratio of -1.64 and a beta of 1.59. Relay Therapeutics has a 1 year low of $4.25 and a 1 year high of $12.14. The firm’s 50-day simple moving average is $5.84 and its 200-day simple moving average is $6.79.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. During the same period in the prior year, the company posted ($0.54) EPS. The business’s revenue for the quarter was down 100.0% compared to the same quarter last year. On average, equities analysts predict that Relay Therapeutics will post -2.61 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Thomas Catinazzo sold 6,802 shares of the company’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 completion of the sale, the chief financial officer now owns 306,391 shares in the company, valued at $1,856,729.46. This represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of RLAY. Virtu Financial LLC acquired a new stake in shares of Relay Therapeutics during the first quarter worth $87,000. Bank of New York Mellon Corp raised its holdings in Relay Therapeutics by 15.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 354,667 shares of the company’s stock worth $2,312,000 after buying an additional 48,219 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in Relay Therapeutics by 304.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 38,656 shares of the company’s stock valued at $252,000 after buying an additional 29,087 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Relay Therapeutics by 4.8% in the second quarter. Rhumbline Advisers now owns 163,895 shares of the company’s stock worth $1,069,000 after buying an additional 7,508 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of Relay Therapeutics by 11.2% in the second quarter. Victory Capital Management Inc. now owns 76,539 shares of the company’s stock worth $499,000 after acquiring an additional 7,680 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.