Relay Therapeutics (NASDAQ:RLAY) Price Target Cut to $18.00 by Analysts at The Goldman Sachs Group

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) had its price target dropped by investment analysts at The Goldman Sachs Group from $20.00 to $18.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. The Goldman Sachs Group's price objective would indicate a potential upside of 462.50% from the stock's current price.

A number of other equities research analysts have also recently issued reports on RLAY. HC Wainwright reiterated a "buy" rating and set a $16.00 price objective on shares of Relay Therapeutics in a research note on Tuesday, January 14th. JMP Securities reaffirmed a "market outperform" rating and set a $21.00 price target on shares of Relay Therapeutics in a research report on Thursday, December 12th. Stifel Nicolaus cut their price target on shares of Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a research note on Thursday. Finally, Leerink Partners lowered their price objective on shares of Relay Therapeutics from $19.00 to $18.00 and set an "outperform" rating on the stock in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Relay Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $19.80.

Relay Therapeutics Price Performance

RLAY stock traded down $0.21 during midday trading on Thursday, hitting $3.20. The company's stock had a trading volume of 3,071,859 shares, compared to its average volume of 2,225,531. The company's fifty day moving average price is $4.29 and its 200 day moving average price is $5.51. Relay Therapeutics has a twelve month low of $3.02 and a twelve month high of $10.72. The stock has a market capitalization of $535.63 million, a P/E ratio of -1.23 and a beta of 1.61.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.57) by $0.12. Equities analysts expect that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insider Buying and Selling

In other Relay Therapeutics news, CEO Sanjiv Patel sold 100,000 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 574,548 shares in the company, valued at $2,872,740. This trade represents a 14.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Peter Rahmer sold 32,156 shares of the company's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total value of $133,447.40. Following the completion of the transaction, the insider now directly owns 357,507 shares in the company, valued at $1,483,654.05. The trade was a 8.25 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 570,152 shares of company stock valued at $2,491,157. Company insiders own 4.32% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RLAY. Allspring Global Investments Holdings LLC boosted its position in shares of Relay Therapeutics by 6.6% in the third 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. China Universal Asset Management Co. Ltd. raised its stake in Relay Therapeutics by 65.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 25,751 shares of the company's stock worth $182,000 after purchasing an additional 10,157 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in Relay Therapeutics by 33.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 160,458 shares of the company's stock valued at $1,137,000 after purchasing an additional 40,447 shares during the period. First Turn Management LLC acquired a new position in shares of Relay Therapeutics during the 3rd quarter worth approximately $8,683,000. Finally, Intech Investment Management LLC bought a new position in shares of Relay Therapeutics during the third quarter worth approximately $256,000. Institutional investors own 96.98% of the company's stock.

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.