Brokerages Set Relay Therapeutics, Inc. (NASDAQ:RLAY) Target Price at $21.67

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) have been given an average recommendation of "Buy" by the seven brokerages that are currently covering the company, MarketBeat reports. Seven investment analysts have rated the stock with a buy rating. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $21.67.

A number of brokerages have commented on RLAY. Barclays decreased their price objective on Relay Therapeutics from $15.00 to $14.00 and set an "overweight" rating for the company in a report on Friday, July 26th. JMP Securities dropped their price objective on Relay Therapeutics from $24.00 to $21.00 and set a "market outperform" rating on the stock in a research note on Thursday, July 18th. JPMorgan Chase & Co. reduced their target price on shares of Relay Therapeutics from $29.00 to $23.00 and set an "overweight" rating for the company in a research note on Wednesday, August 7th. HC Wainwright cut their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, July 17th. Finally, Oppenheimer cut their target price on Relay Therapeutics from $25.00 to $24.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 7th.

Relay Therapeutics Trading Down 1.8 %

Shares of RLAY traded down $0.12 during trading hours on Wednesday, reaching $6.44. The stock had a trading volume of 599,021 shares, compared to its average volume of 1,215,978. The firm has a 50-day simple moving average of $7.43 and a 200 day simple moving average of $7.79. Relay Therapeutics has a 12 month low of $5.70 and a 12 month high of $12.14. The company has a market capitalization of $862.25 million, a price-to-earnings ratio of -2.44 and a beta of 1.66.

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, beating analysts' consensus estimates of ($0.73) by $0.04. During the same quarter in the prior year, the business earned ($0.81) earnings per share. On average, equities analysts forecast that Relay Therapeutics will post -2.91 EPS for the current year.

Insider Activity at Relay Therapeutics

In other news, insider Peter Rahmer sold 20,450 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $7.06, for a total transaction of $144,377.00. Following the completion of the transaction, the insider now owns 432,425 shares in the company, valued at approximately $3,052,920.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Thomas Catinazzo sold 9,373 shares of Relay Therapeutics stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $6.24, for a total value of $58,487.52. Following the completion of the transaction, the chief financial officer now directly owns 330,430 shares in the company, valued at approximately $2,061,883.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Peter Rahmer sold 20,450 shares of the business's stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total transaction of $144,377.00. Following the sale, the insider now directly owns 432,425 shares in the company, valued at approximately $3,052,920.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 125,052 shares of company stock worth $988,396. Insiders own 4.32% of the company's stock.

Hedge Funds Weigh In On Relay Therapeutics

Hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP bought a new position in shares of Relay Therapeutics in the second quarter valued at approximately $1,804,000. Logos Global Management LP purchased a new stake in Relay Therapeutics in the 2nd quarter worth approximately $8,476,000. Integral Health Asset Management LLC lifted its stake in Relay Therapeutics by 3.4% in the 2nd quarter. Integral Health Asset Management LLC now owns 750,000 shares of the company's stock worth $4,890,000 after purchasing an additional 25,000 shares in the last quarter. EverSource Wealth Advisors LLC bought a new position in Relay Therapeutics in the 2nd quarter valued at $37,000. Finally, Ensign Peak Advisors Inc grew its position in shares of Relay Therapeutics by 24.3% during the 2nd quarter. Ensign Peak Advisors Inc now owns 55,450 shares of the company's stock valued at $362,000 after purchasing an additional 10,850 shares in the last quarter. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

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.