Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives Average Recommendation of "Moderate Buy" from Brokerages

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) has received a consensus rating of "Moderate Buy" from the ten analysts that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $21.11.

RLAY has been the topic of a number of recent research reports. Barclays boosted their target price on Relay Therapeutics from $14.00 to $17.00 and gave the company an "overweight" rating in a report on Tuesday, September 10th. Oppenheimer downgraded shares of Relay Therapeutics from an "outperform" rating to a "market perform" rating in a research report on Tuesday, September 10th. HC Wainwright reiterated a "buy" rating and set a $19.00 target price on shares of Relay Therapeutics in a research report on Monday, October 14th. Jefferies Financial Group raised Relay Therapeutics from a "hold" rating to a "buy" rating and raised their price target for the company from $10.60 to $16.00 in a report on Tuesday, September 10th. Finally, Stifel Nicolaus reaffirmed a "buy" rating and set a $28.00 price objective on shares of Relay Therapeutics in a report on Monday, September 16th.

Insider Buying and Selling

In related news, insider Peter Rahmer sold 13,708 shares of Relay Therapeutics stock in a transaction that occurred on 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 in the company, valued at $3,209,898.51. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.32% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Relay Therapeutics by 10.9% in the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company's stock valued at $98,070,000 after purchasing an additional 1,165,282 shares during the last quarter. Logos Global Management LP acquired a new position in shares of Relay Therapeutics during the 2nd quarter valued at about $8,476,000. Millennium Management LLC lifted its holdings in shares of Relay Therapeutics by 404.2% during the 2nd quarter. Millennium Management LLC now owns 1,149,177 shares of the company's stock worth $7,493,000 after acquiring an additional 921,271 shares during the period. Renaissance Technologies LLC boosted its position in shares of Relay Therapeutics by 19.1% in the second quarter. Renaissance Technologies LLC now owns 909,037 shares of the company's stock worth $5,927,000 after acquiring an additional 145,837 shares during the last quarter. Finally, Integral Health Asset Management LLC grew its holdings in Relay Therapeutics by 3.4% in the second quarter. Integral Health Asset Management LLC now owns 750,000 shares of the company's stock valued at $4,890,000 after purchasing an additional 25,000 shares during the period. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

Relay Therapeutics Stock Up 0.2 %

Shares of RLAY stock traded up $0.01 during trading hours on Monday, reaching $6.03. 2,218,558 shares of the stock were exchanged, compared to its average volume of 1,455,293. The business's fifty day moving average is $7.01 and its two-hundred day moving average is $7.05. Relay Therapeutics has a 12-month low of $5.70 and a 12-month high of $12.14.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.73) by $0.04. During the same quarter last year, the firm posted ($0.81) earnings per share. On average, equities research analysts anticipate that Relay Therapeutics will post -2.84 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.