The Goldman Sachs Group Initiates Coverage on Relay Therapeutics (NASDAQ:RLAY)

Research analysts at The Goldman Sachs Group began coverage on shares of Relay Therapeutics (NASDAQ:RLAY) in a report issued on Tuesday, Marketbeat.com reports. The firm set a “buy” rating and a $20.00 price target on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 157.90% from the stock’s current price.

Other analysts have also issued reports about the company. JPMorgan Chase & Co. lowered their price objective on Relay Therapeutics from $29.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Barclays lowered their price target on shares of Relay Therapeutics from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. Jefferies Financial Group upgraded shares of Relay Therapeutics from a “hold” rating to a “buy” rating and increased their price objective for the company from $10.60 to $16.00 in a report on Tuesday. Oppenheimer lowered shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday. Finally, HC Wainwright cut their price target on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.22.

Relay Therapeutics Trading Down 13.8 %

Shares of NASDAQ RLAY opened at $7.76 on Tuesday. Relay Therapeutics has a 1-year low of $5.70 and a 1-year high of $12.14. The company has a 50-day moving average of $7.49 and a two-hundred day moving average of $7.43. The company has a market cap of $1.03 billion, a PE ratio of -2.94 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.73) by $0.04. During the same period last year, the company posted ($0.81) EPS. As a group, equities research analysts forecast that Relay Therapeutics will post -2.91 earnings per share for the current year.

Insider Activity at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 36,706 shares of the stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $9.07, for a total transaction of $332,923.42. Following the completion of the sale, the chief executive officer now directly owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Peter Rahmer sold 13,708 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the completion of the transaction, the insider now directly owns 391,929 shares of the company’s stock, valued at $3,209,898.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sanjiv Patel sold 36,706 shares of Relay Therapeutics stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $9.07, for a total value of $332,923.42. Following the completion of the sale, the chief executive officer now directly owns 766,130 shares in the company, valued at approximately $6,948,799.10. The disclosure for this sale can be found here. Insiders sold a total of 84,738 shares of company stock worth $715,499 in the last quarter. Corporate insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC acquired a new position in shares of Relay Therapeutics during the 2nd quarter worth approximately $37,000. Allspring Global Investments Holdings LLC acquired a new stake in Relay Therapeutics in the first quarter valued at $79,000. Virtu Financial LLC acquired a new stake in Relay Therapeutics in the first quarter valued at $87,000. Los Angeles Capital Management LLC increased its stake in shares of Relay Therapeutics by 25.7% during the 1st quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after purchasing an additional 2,850 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new position in shares of Relay Therapeutics during the 4th quarter worth about $126,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

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.