Relay Therapeutics, Inc. (NASDAQ:RLAY) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Relay Therapeutics, Inc. (NASDAQ:RLAY) has been assigned a consensus recommendation of “Moderate Buy” from the eleven research firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $20.50.

RLAY has been the subject of a number of research analyst reports. JPMorgan Chase & Co. decreased their target price on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, September 10th. Barclays increased their target price on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Oppenheimer lowered shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. The Goldman Sachs Group initiated coverage on shares of Relay Therapeutics in a report on Tuesday, September 10th. They set a “buy” rating and a $20.00 price objective on the stock. Finally, Bank of America upped their target price on shares of Relay Therapeutics from $20.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th.

Relay Therapeutics Stock Performance

RLAY opened at $4.34 on Tuesday. The company has a fifty day moving average price of $5.38 and a two-hundred day moving average price of $6.61. The firm has a market capitalization of $726.44 million, a PE ratio of -1.66 and a beta of 1.59. Relay Therapeutics has a 52 week low of $4.11 and a 52 week high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. The firm’s quarterly revenue was down 100.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.54) earnings per share. Equities analysts forecast that Relay Therapeutics will post -2.55 EPS for the current year.

Insider Buying and Selling

In other news, CFO Thomas Catinazzo sold 6,802 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the transaction, the chief financial officer now directly owns 306,391 shares in the company, valued at $1,856,729.46. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sanjiv Patel sold 100,000 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $5.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief executive officer now directly owns 574,548 shares in the company, valued at approximately $2,872,740. The trade was a 14.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,423 shares of company stock worth $551,043. Corporate insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Bellevue Group AG lifted its position in shares of Relay Therapeutics by 15.7% in the third quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock valued at $52,230,000 after buying an additional 1,000,069 shares during the last quarter. State Street Corp lifted its holdings in Relay Therapeutics by 1.2% during the 3rd quarter. State Street Corp now owns 4,300,216 shares of the company’s stock valued at $30,446,000 after purchasing an additional 51,810 shares during the last quarter. Braidwell LP boosted its position in 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 purchasing an additional 492,628 shares during the period. 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. Finally, Eventide Asset Management LLC bought a new position in shares of Relay Therapeutics in the third quarter valued at about $18,989,000. 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.