Relay Therapeutics (NASDAQ:RLAY) Stock Price Up 6.8% – Here’s Why

Relay Therapeutics, Inc. (NASDAQ:RLAY) shot up 6.8% on Wednesday . The stock traded as high as $4.98 and last traded at $4.98. 777,631 shares traded hands during trading, a decline of 76% from the average session volume of 3,200,997 shares. The stock had previously closed at $4.66.

Analysts Set New Price Targets

Several research analysts have commented on the company. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 price target on shares of Relay Therapeutics in a research report on Tuesday, January 14th. Leerink Partners reduced their price target on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. Finally, JMP Securities restated a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Relay Therapeutics Trading Down 0.8 %

The company has a market capitalization of $811.79 million, a price-to-earnings ratio of -1.86 and a beta of 1.60. The stock’s 50 day moving average price is $4.55 and its 200 day moving average price is $6.20.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.77) by $0.14. The company’s revenue was down 100.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.54) earnings per share. On average, research analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Sanjiv Patel sold 125,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $4.80, for a total transaction of $600,000.00. Following the completion of the sale, the chief executive officer now owns 324,548 shares in the company, valued at $1,557,830.40. The trade was a 27.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Peter Rahmer sold 32,156 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $4.15, for a total transaction of $133,447.40. Following the sale, the insider now directly owns 357,507 shares of the company’s stock, valued at approximately $1,483,654.05. The trade was a 8.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 287,319 shares of company stock valued at $1,381,067. 4.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Relay Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC purchased a new stake in Relay Therapeutics during the second quarter worth about $37,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Relay Therapeutics during the third quarter worth $63,000. Portland Investment Counsel Inc. purchased a new stake in Relay Therapeutics during the 3rd quarter worth about $71,000. Values First Advisors Inc. bought a new position in shares of Relay Therapeutics in the third quarter valued at approximately $75,000. Finally, Point72 DIFC Ltd bought a new position in Relay Therapeutics in the 3rd quarter valued at $134,000. 96.98% of the stock is owned by institutional investors.

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.