Relay Therapeutics (NASDAQ:RLAY) Shares Gap Up – What’s Next?

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares gapped up before the market opened on Wednesday . The stock had previously closed at $4.43, but opened at $4.90. Relay Therapeutics shares last traded at $4.84, with a volume of 458,680 shares changing hands.

Analysts Set New Price Targets

Several brokerages recently weighed in on RLAY. JMP Securities reissued a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a research note on Tuesday, September 17th. HC Wainwright cut their price objective on shares of Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, December 4th. The Goldman Sachs Group started coverage on shares of Relay Therapeutics in a research report on Tuesday, September 10th. They set a “buy” rating and a $20.00 target price on the stock. Leerink Partners cut their price target on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. reduced their price target on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Relay Therapeutics Price Performance

The stock has a 50-day simple moving average of $5.69 and a 200-day simple moving average of $6.73. The stock has a market cap of $759.92 million, a PE ratio of -1.85 and a beta of 1.59.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. During the same quarter last year, the company posted ($0.54) EPS. The company’s quarterly revenue was down 100.0% on a year-over-year basis. As a group, equities research analysts anticipate that Relay Therapeutics, Inc. will post -2.56 EPS for the current year.

Insider Transactions at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction of $41,220.12. Following the transaction, the chief financial officer now owns 306,391 shares in the company, valued at approximately $1,856,729.46. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

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