Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives $21.80 Average PT from Brokerages

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have received an average recommendation of “Buy” from the seven research firms that are currently covering the stock, Marketbeat.com reports. Seven research analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have issued a report on the stock in the last year is $21.80.

Several research firms have issued reports on RLAY. Oppenheimer restated an “outperform” rating and issued a $25.00 price target (down from $33.00) on shares of Relay Therapeutics in a research report on Monday, May 6th. JMP Securities decreased their price objective on shares of Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating for the company in a report on Thursday, July 18th. Barclays upgraded shares of Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 price target for the company in a report on Friday, May 10th. Finally, HC Wainwright cut their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th.

Relay Therapeutics Stock Down 5.8 %

RLAY stock opened at $8.93 on Friday. The company has a market cap of $1.19 billion, a price-to-earnings ratio of -3.38 and a beta of 1.66. The company has a 50 day moving average of $7.24 and a two-hundred day moving average of $8.12. Relay Therapeutics has a 12-month low of $5.70 and a 12-month high of $12.63.

Relay Therapeutics (NASDAQ:RLAY) last released 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 business had revenue of $10.01 million for the quarter, compared to the consensus estimate of $0.12 million. During the same quarter in the prior year, the business posted ($0.78) EPS. The firm’s revenue for the quarter was up 4327.9% compared to the same quarter last year. On average, research analysts anticipate that Relay Therapeutics will post -2.81 EPS for the current year.

Insider Activity

In related news, CFO Thomas Catinazzo sold 9,373 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $6.24, for a total value of $58,487.52. Following the transaction, the chief financial officer now directly owns 330,430 shares in the company, valued at $2,061,883.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Peter Rahmer sold 19,864 shares of Relay Therapeutics stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $6.47, for a total transaction of $128,520.08. Following the sale, the insider now directly owns 493,470 shares of the company’s stock, valued at approximately $3,192,750.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $58,487.52. Following the sale, the chief financial officer now directly owns 330,430 shares in the company, valued at $2,061,883.20. The disclosure for this sale can be found here. Insiders have sold 53,375 shares of company stock valued at $354,836 over the last ninety days. 4.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Relay Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new position in shares of Relay Therapeutics in the 1st quarter worth approximately $79,000. Virtu Financial LLC bought a new stake in shares of Relay Therapeutics in the 1st quarter worth $87,000. Los Angeles Capital Management LLC grew its stake in shares of Relay Therapeutics by 25.7% in 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 in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Relay Therapeutics in the 4th quarter worth about $126,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Relay Therapeutics in the 1st quarter worth about $127,000. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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.