Relay Therapeutics (NASDAQ:RLAY) Stock Price Up 9.9%

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price rose 9.9% during trading on Thursday . The stock traded as high as $7.72 and last traded at $7.68. Approximately 379,625 shares were traded during trading, a decline of 69% from the average daily volume of 1,214,987 shares. The stock had previously closed at $6.99.

Wall Street Analysts Forecast Growth

RLAY has been the topic of several recent research reports. HC Wainwright reissued a “buy” rating and set a $20.00 price target on shares of Relay Therapeutics in a research report on Friday, June 7th. Barclays raised Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 price target on the stock in a research report on Friday, May 10th. Oppenheimer restated an “outperform” rating and set a $25.00 price objective (down from $33.00) on shares of Relay Therapeutics in a report on Monday, May 6th. Finally, JMP Securities restated a “market outperform” rating and set a $24.00 price objective on shares of Relay Therapeutics in a report on Monday, May 6th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Relay Therapeutics has a consensus rating of “Buy” and an average price target of $22.80.

Relay Therapeutics Stock Performance

The company has a market capitalization of $1.09 billion, a PE ratio of -3.12 and a beta of 1.66. The firm has a fifty day simple moving average of $6.88 and a 200-day simple moving average of $8.29.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.08. The firm had revenue of $10.01 million during the quarter, compared to the consensus estimate of $0.12 million. During the same quarter last year, the firm posted ($0.78) earnings per share. Relay Therapeutics’s revenue was up 4327.9% compared to the same quarter last year. As a group, research analysts anticipate that Relay Therapeutics, Inc. will post -2.81 EPS for the current fiscal year.

Insider Activity

In other news, insider Peter Rahmer sold 20,450 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $7.06, for a total value of $144,377.00. Following the completion of the sale, the insider now directly owns 432,425 shares in the company, valued at approximately $3,052,920.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Thomas Catinazzo sold 9,373 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $6.24, for a total transaction of $58,487.52. Following the completion of the transaction, the chief financial officer now owns 330,430 shares in the company, valued at approximately $2,061,883.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Peter Rahmer sold 20,450 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total value of $144,377.00. Following the transaction, the insider now owns 432,425 shares of the company’s stock, valued at approximately $3,052,920.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 53,375 shares of company stock worth $354,836. 4.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RLAY. Allspring Global Investments Holdings LLC acquired a new position in Relay Therapeutics during the 1st quarter worth $79,000. Virtu Financial LLC acquired a new position in Relay Therapeutics during the 1st quarter worth $87,000. Los Angeles Capital Management LLC boosted its position in Relay Therapeutics by 25.7% during the 1st quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after acquiring an additional 2,850 shares during the period. Victory Capital Management Inc. acquired a new position in Relay Therapeutics during the 4th quarter worth $126,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Relay Therapeutics during the 1st quarter worth $127,000. Institutional investors and hedge funds 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.