Relay Therapeutics' (RLAY) Market Outperform Rating Reiterated at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Relay Therapeutics (NASDAQ:RLAY - Free Report) in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a $21.00 price objective on the stock.

RLAY has been the topic of a number of other research reports. Oppenheimer downgraded shares of Relay Therapeutics from an "outperform" rating to a "market perform" rating in a research report on Tuesday, September 10th. The Goldman Sachs Group began coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They set a "buy" rating and a $20.00 price target on the stock. Leerink Partners lowered their price objective on Relay Therapeutics from $19.00 to $18.00 and set an "outperform" rating for the company in a research report on Wednesday, December 4th. HC Wainwright reduced their target price on Relay Therapeutics from $20.00 to $16.00 and set a "buy" rating on the stock in a research report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. lowered their price target on Relay Therapeutics from $23.00 to $21.00 and set an "overweight" rating for the company in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $20.50.

Relay Therapeutics Stock Down 4.0 %

Shares of RLAY stock traded down $0.20 on Thursday, hitting $4.78. The stock had a trading volume of 2,953,301 shares, compared to its average volume of 1,540,829. Relay Therapeutics has a one year low of $4.25 and a one year high of $12.14. The business has a 50 day moving average price of $5.66 and a 200 day moving average price of $6.72. The company has a market cap of $800.09 million, a PE ratio of -1.94 and a beta of 1.59.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.77) by $0.14. The business's revenue was down 100.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.54) earnings per share. Equities research analysts expect that Relay Therapeutics will post -2.56 EPS for the current year.

Insider Activity

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 completion of the sale, the chief financial officer now owns 306,391 shares of the company's stock, valued at $1,856,729.46. The trade was a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.32% of the company's stock.

Institutional Investors Weigh In On Relay Therapeutics

Several institutional investors have recently bought and sold shares of RLAY. EverSource Wealth Advisors LLC acquired a new position in Relay Therapeutics during the second quarter worth about $37,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Relay Therapeutics during the 3rd quarter worth approximately $63,000. Portland Investment Counsel Inc. purchased a new stake in shares of Relay Therapeutics in the third quarter valued at approximately $71,000. Values First Advisors Inc. acquired a new stake in shares of Relay Therapeutics in the third quarter valued at approximately $75,000. Finally, Point72 DIFC Ltd purchased a new position in Relay Therapeutics during the third quarter worth approximately $134,000. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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.