Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Relay Therapeutics, Inc. (NASDAQ:RLAY) has been assigned an average recommendation of “Moderate Buy” from the eleven analysts that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $20.50.

Several research analysts have issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $16.00 price objective on shares of Relay Therapeutics in a research note on Tuesday. JMP Securities reiterated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research report on Thursday, December 12th. Finally, Leerink Partners reduced their price target on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th.

Insider Buying and Selling at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 100,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $5.00, for a total transaction of $500,000.00. Following the sale, the chief executive officer now directly owns 574,548 shares of the company’s stock, valued at $2,872,740. This represents a 14.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas Catinazzo sold 6,802 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.06, for a total transaction of $41,220.12. Following the completion of the transaction, the chief financial officer now owns 306,391 shares of the company’s stock, valued at $1,856,729.46. This trade represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 162,319 shares of company stock worth $781,067. 4.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its holdings in Relay Therapeutics by 6.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 41,203 shares of the company’s stock worth $292,000 after purchasing an additional 2,547 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new stake in shares of Relay Therapeutics during the 2nd quarter worth approximately $37,000. Rhumbline Advisers raised its stake in shares of Relay Therapeutics by 4.8% during the second quarter. Rhumbline Advisers now owns 163,895 shares of the company’s stock worth $1,069,000 after buying an additional 7,508 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Relay Therapeutics by 11.2% in the second quarter. Victory Capital Management Inc. now owns 76,539 shares of the company’s stock valued at $499,000 after buying an additional 7,680 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Relay Therapeutics in the third quarter valued at approximately $63,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Relay Therapeutics Stock Down 12.2 %

NASDAQ RLAY opened at $3.81 on Friday. Relay Therapeutics has a twelve month low of $3.77 and a twelve month high of $11.16. The stock has a market cap of $637.73 million, a P/E ratio of -1.46 and a beta of 1.60. The company’s 50-day simple moving average is $4.76 and its 200 day simple moving average is $6.29.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.77) by $0.14. The business’s quarterly revenue was down 100.0% on a year-over-year basis. During the same period in the prior year, the business earned ($0.54) earnings per share. Research analysts anticipate that Relay Therapeutics will post -2.55 earnings per share for the current year.

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.