Relay Therapeutics, Inc. (NASDAQ:RLAY) Given Average Rating of "Moderate Buy" by Brokerages

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the eleven analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $20.50.

RLAY has been the subject of several analyst reports. Leerink Partners lowered their target price on Relay Therapeutics from $19.00 to $18.00 and set an "outperform" rating for the company in a research note on Wednesday, December 4th. JMP Securities reiterated a "market outperform" rating and issued a $21.00 price objective on shares of Relay Therapeutics in a research note on Thursday, December 12th. HC Wainwright reduced their target price on shares of Relay Therapeutics from $20.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, December 4th. Finally, Stifel Nicolaus reiterated a "buy" rating and issued a $28.00 price target on shares of Relay Therapeutics in a research note on Monday, September 16th.

Insider Activity

In other news, insider Peter Rahmer sold 32,156 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $4.15, for a total value of $133,447.40. Following the completion of the sale, the insider now directly owns 357,507 shares of the company's stock, valued at approximately $1,483,654.05. This represents a 8.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sanjiv Patel sold 100,000 shares of Relay Therapeutics stock in a transaction on 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 transaction, the chief executive officer now directly owns 574,548 shares in the company, valued at $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. In the last quarter, insiders sold 162,319 shares of company stock worth $781,067. Corporate insiders own 4.32% of the company's stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its position in Relay Therapeutics by 6.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 41,203 shares of the company's stock valued at $292,000 after acquiring an additional 2,547 shares during the period. EverSource Wealth Advisors LLC acquired a new position in shares of Relay Therapeutics in the second quarter valued at approximately $37,000. Rhumbline Advisers raised its stake in shares of Relay Therapeutics by 4.8% during the second quarter. Rhumbline Advisers now owns 163,895 shares of the company's stock worth $1,069,000 after purchasing an additional 7,508 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Relay Therapeutics by 11.2% during the second quarter. Victory Capital Management Inc. now owns 76,539 shares of the company's stock worth $499,000 after purchasing an additional 7,680 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Relay Therapeutics during the third quarter worth $63,000. 96.98% of the stock is owned by hedge funds and other institutional investors.

Relay Therapeutics Trading Down 7.9 %

RLAY traded down $0.38 during mid-day trading on Friday, hitting $4.45. 11,847,678 shares of the stock were exchanged, compared to its average volume of 3,316,278. The firm's fifty day moving average is $4.81 and its two-hundred day moving average is $6.32. Relay Therapeutics has a 1-year low of $4.00 and a 1-year high of $12.07. The company has a market cap of $744.85 million, a PE ratio of -1.70 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.77) by $0.14. The firm's quarterly revenue was down 100.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.54) EPS. As a group, research analysts anticipate that Relay Therapeutics will post -2.55 earnings per share for the current 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.