Relay Therapeutics’ (RLAY) “Market Outperform” Rating Reiterated at JMP Securities

JMP Securities restated their market outperform rating on shares of Relay Therapeutics (NASDAQ:RLAY) in a research report sent to investors on Thursday,Benzinga reports. The firm currently has a $21.00 target price on the stock.

Several other research firms have also commented on RLAY. Stifel Nicolaus reissued a “buy” rating and set a $28.00 target price on shares of Relay Therapeutics in a research note on Monday, September 16th. Oppenheimer downgraded Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. 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. The Goldman Sachs Group began coverage on Relay Therapeutics in a report on Tuesday, September 10th. They set a “buy” rating and a $20.00 target price for the company. Finally, JPMorgan Chase & Co. decreased their price target on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $20.50.

Relay Therapeutics Stock Performance

RLAY opened at $4.71 on Thursday. The company has a market capitalization of $788.37 million, a PE ratio of -1.80 and a beta of 1.59. The stock’s fifty day moving average is $5.59 and its 200-day moving average is $6.69. Relay Therapeutics has a one year low of $4.25 and a one year high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. During the same period last year, the business earned ($0.54) EPS. Relay Therapeutics’s revenue was down 100.0% compared to the same quarter last year. On average, equities research analysts forecast that Relay Therapeutics will post -2.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Thomas Catinazzo sold 6,802 shares of the company’s stock in a transaction dated 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 $1,856,729.46. This represents a 2.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bellevue Group AG lifted its position in Relay Therapeutics by 15.7% in the 3rd quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock worth $52,230,000 after buying an additional 1,000,069 shares in the last quarter. State Street Corp increased its stake in shares of Relay Therapeutics by 1.2% in the third quarter. State Street Corp now owns 4,300,216 shares of the company’s stock worth $30,446,000 after acquiring an additional 51,810 shares during the last quarter. Braidwell LP raised its holdings in shares of Relay Therapeutics by 16.4% during the third quarter. Braidwell LP now owns 3,499,427 shares of the company’s stock worth $24,776,000 after acquiring an additional 492,628 shares in the last quarter. Geode Capital Management LLC boosted its position in Relay Therapeutics by 15.5% during 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. Finally, Eventide Asset Management LLC purchased a new position in Relay Therapeutics in the third quarter valued at about $18,989,000. 96.98% of the stock is owned by hedge funds and other institutional investors.

Relay Therapeutics Company Profile

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.