Bank of America Boosts Relay Therapeutics (NASDAQ:RLAY) Price Target to $24.00

Relay Therapeutics (NASDAQ:RLAY) had its target price increased by Bank of America from $20.00 to $24.00 in a research note issued to investors on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts also recently commented on RLAY. Barclays upped their price objective on shares of Relay Therapeutics from $14.00 to $17.00 and gave the company an overweight rating in a research note on Tuesday. JMP Securities dropped 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 research note on Thursday, July 18th. JPMorgan Chase & Co. dropped their price objective on shares of Relay Therapeutics from $23.00 to $21.00 and set an overweight rating for the company in a research note on Tuesday. HC Wainwright decreased their target price on Relay Therapeutics from $20.00 to $18.00 and set a buy rating for the company in a report on Wednesday, July 17th. Finally, Oppenheimer cut Relay Therapeutics from an outperform rating to a market perform rating in a report on Tuesday. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Relay Therapeutics has an average rating of Moderate Buy and a consensus target price of $21.22.

Relay Therapeutics Price Performance

NASDAQ RLAY opened at $7.60 on Tuesday. Relay Therapeutics has a 12 month low of $5.70 and a 12 month high of $12.14. The company has a 50-day moving average of $7.54 and a 200-day moving average of $7.41. The company has a market cap of $1.01 billion, a P/E ratio of -2.88 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data 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 last year, the company posted ($0.81) EPS. As a group, equities research analysts anticipate that Relay Therapeutics will post -2.9 EPS for the current year.

Insiders Place Their Bets

In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total value of $112,268.52. Following the completion of the transaction, the insider now owns 391,929 shares in the company, valued at approximately $3,209,898.51. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total value of $112,268.52. Following the completion of the transaction, the insider now owns 391,929 shares in the company, valued at approximately $3,209,898.51. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas Catinazzo sold 9,373 shares of the company’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 value of $58,487.52. Following the completion of the transaction, the chief financial officer now owns 330,430 shares of the company’s stock, valued at approximately $2,061,883.20. The disclosure for this sale can be found here. Insiders sold a total of 84,738 shares of company stock worth $715,499 in the last 90 days. 4.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Relay Therapeutics by 10.9% during the 1st quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock valued at $98,070,000 after buying an additional 1,165,282 shares during the last quarter. Bellevue Group AG boosted its stake in shares of Relay Therapeutics by 21.5% during the 4th quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock valued at $65,356,000 after buying an additional 1,051,082 shares during the last quarter. BVF Inc. IL boosted its stake in shares of Relay Therapeutics by 67.8% during 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. Norges Bank purchased a new position in shares of Relay Therapeutics during the 4th quarter valued at approximately $33,789,000. Finally, Finepoint Capital LP boosted its stake in shares of Relay Therapeutics by 51.3% during the 4th quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock valued at $14,510,000 after buying an additional 447,000 shares during the last quarter. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

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.