Relay Therapeutics (NASDAQ:RLAY) Sees Strong Trading Volume After Analyst Upgrade

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) saw an uptick in trading volume on Tuesday after Bank of America raised their price target on the stock from $20.00 to $24.00. Bank of America currently has a buy rating on the stock. 612,004 shares changed hands during mid-day trading, a decline of 52% from the previous session’s volume of 1,271,603 shares.The stock last traded at $9.00 and had previously closed at $9.51.

A number of other brokerages also recently weighed in on RLAY. HC Wainwright reduced their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Barclays increased their target price on shares of Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday. Oppenheimer lowered Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Jefferies Financial Group upgraded Relay Therapeutics from a “hold” rating to a “buy” rating and raised their price objective for the stock from $10.60 to $16.00 in a research report on Tuesday. Finally, JMP Securities decreased their price objective on Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating on the stock in a report on Thursday, July 18th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.22.

Insider Buying and Selling at Relay Therapeutics

In other news, insider Peter Rahmer sold 13,523 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $8.54, for a total value of $115,486.42. Following the sale, the insider now owns 420,765 shares in the company, valued at approximately $3,593,333.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Thomas Catinazzo sold 9,373 shares of the 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 sale, the chief financial officer now directly owns 330,430 shares in the company, valued at approximately $2,061,883.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Peter Rahmer sold 13,523 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $8.54, for a total value of $115,486.42. Following the sale, the insider now directly owns 420,765 shares of the company’s stock, valued at $3,593,333.10. The disclosure for this sale can be found here. Insiders have sold 84,738 shares of company stock worth $715,499 over the last three months. Company insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

Large investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Relay Therapeutics in the fourth quarter valued at approximately $33,789,000. BVF Inc. IL boosted its position in Relay Therapeutics by 67.8% in the 4th quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after buying an additional 1,604,240 shares during the last quarter. Logos Global Management LP acquired a new stake in shares of Relay Therapeutics in the 2nd quarter valued at $8,476,000. Vanguard Group Inc. raised its position in shares of Relay Therapeutics by 10.9% during the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock worth $98,070,000 after acquiring an additional 1,165,282 shares during the last quarter. Finally, Bellevue Group AG lifted its stake in shares of Relay Therapeutics by 21.5% during the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock valued at $65,356,000 after acquiring an additional 1,051,082 shares during the period. Institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Stock Down 5.4 %

The firm has a fifty day moving average of $7.41 and a 200-day moving average of $7.43. The firm has a market cap of $1.19 billion, a P/E ratio of -3.24 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate 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, Inc. will post -2.91 EPS for the current year.

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.