Oppenheimer Trims Relay Therapeutics (NASDAQ:RLAY) Target Price to $24.00

Relay Therapeutics (NASDAQ:RLAY) had its target price trimmed by Oppenheimer from $25.00 to $24.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

RLAY has been the subject of a number of other reports. HC Wainwright lowered their target price on Relay Therapeutics from $20.00 to $18.00 and set a buy rating for the company in a research note on Wednesday, July 17th. JMP Securities cut their price target on Relay Therapeutics from $24.00 to $21.00 and set a market outperform rating for the company in a report on Thursday, July 18th. Finally, Barclays cut their price target on Relay Therapeutics from $15.00 to $14.00 and set an overweight rating for the company in a report on Friday, July 26th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of Buy and an average target price of $21.67.

Relay Therapeutics Stock Performance

Shares of Relay Therapeutics stock traded down $0.10 during trading on Wednesday, hitting $6.70. 1,010,104 shares of the stock were exchanged, compared to its average volume of 1,237,722. The stock’s fifty day moving average is $7.47 and its 200 day moving average is $7.86. The stock has a market cap of $889.36 million, a PE ratio of -2.54 and a beta of 1.66. Relay Therapeutics has a 12 month low of $5.70 and a 12 month high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter in the prior year, the business posted ($0.81) earnings per share. Sell-side analysts anticipate that Relay Therapeutics will post -2.83 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Peter Rahmer sold 19,864 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $6.47, for a total value of $128,520.08. Following the transaction, the insider now owns 493,470 shares in the company, valued at $3,192,750.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Peter Rahmer sold 19,864 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $6.47, for a total value of $128,520.08. Following the sale, the insider now directly owns 493,470 shares of the company’s stock, valued at $3,192,750.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas Catinazzo sold 10,780 shares of Relay Therapeutics stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $8.56, for a total value of $92,276.80. Following the sale, the chief financial officer now directly owns 319,650 shares in the company, valued at $2,736,204. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 125,052 shares of company stock worth $988,396. Company insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

A number of hedge funds have recently made changes to their positions in RLAY. Caxton Associates LP lifted its stake in shares of Relay Therapeutics by 637.3% in the fourth quarter. Caxton Associates LP now owns 279,101 shares of the company’s stock worth $3,073,000 after acquiring an additional 241,247 shares during the period. Russell Investments Group Ltd. increased its holdings in Relay Therapeutics by 57.2% in the first quarter. Russell Investments Group Ltd. now owns 179,972 shares of the company’s stock worth $1,494,000 after purchasing an additional 65,484 shares in the last quarter. Finepoint Capital LP increased its holdings in Relay Therapeutics by 51.3% in the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock worth $14,510,000 after purchasing an additional 447,000 shares in the last quarter. BVF Inc. IL increased its holdings in Relay Therapeutics by 67.8% in the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock worth $43,710,000 after purchasing an additional 1,604,240 shares in the last quarter. Finally, Norges Bank bought a new stake in Relay Therapeutics in the fourth quarter worth approximately $33,789,000. 96.98% of the stock is owned by institutional investors and hedge funds.

Relay Therapeutics Company Profile

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.