Relay Therapeutics, Inc. (NASDAQ:RLAY – Get Free Report) saw unusually-high trading volume on Tuesday after Bank of America raised their price target on the stock from $20.00 to $24.00. Bank of America currently has a buy rating on the stock. Approximately 612,004 shares traded hands during mid-day trading, a decline of 52% from the previous session’s volume of 1,271,603 shares.The stock last traded at $9.00 and had previously closed at $9.51.
Other equities analysts have also issued reports about the company. Oppenheimer lowered Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday. The Goldman Sachs Group initiated coverage on Relay Therapeutics in a report on Tuesday. They issued a “buy” rating and a $20.00 price objective for the company. Barclays raised their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday. 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 note on Tuesday. Finally, Jefferies Financial Group upgraded Relay Therapeutics from a “hold” rating to a “buy” rating and boosted their price target for the company from $10.60 to $16.00 in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $21.22.
Read Our Latest Analysis on RLAY
Insider Buying and Selling
Hedge Funds Weigh In On Relay Therapeutics
Hedge funds and other institutional investors have recently bought and sold shares of the company. Algert Global LLC grew its position in Relay Therapeutics by 57.9% during the second quarter. Algert Global LLC now owns 476,888 shares of the company’s stock valued at $3,109,000 after acquiring an additional 174,953 shares during the period. Driehaus Capital Management LLC increased its holdings in Relay Therapeutics by 54.9% in the second quarter. Driehaus Capital Management LLC now owns 616,220 shares of the company’s stock valued at $4,018,000 after buying an additional 218,302 shares during the last quarter. Susquehanna Fundamental Investments LLC grew its holdings in shares of Relay Therapeutics by 248.7% during the second quarter. Susquehanna Fundamental Investments LLC now owns 53,442 shares of the company’s stock valued at $348,000 after purchasing an additional 38,117 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Relay Therapeutics by 404.2% during the second quarter. Millennium Management LLC now owns 1,149,177 shares of the company’s stock valued at $7,493,000 after purchasing an additional 921,271 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C bought a new position in shares of Relay Therapeutics during the second quarter valued at approximately $304,000. 96.98% of the stock is owned by institutional investors and hedge funds.
Relay Therapeutics Trading Down 5.4 %
The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of -3.41 and a beta of 1.64. The firm has a 50-day moving average of $7.46 and a 200 day moving average of $7.43.
Relay Therapeutics (NASDAQ:RLAY – Get Free Report) last released 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 in the prior year, the business earned ($0.81) EPS. Equities research analysts predict that Relay Therapeutics, Inc. will post -2.91 EPS for the current fiscal year.
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.
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