Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives $23.69 Average Target Price from Analysts

Relay Therapeutics, Inc. (NASDAQ:RLAY) has earned an average rating of “Moderate Buy” from the ten ratings firms that are currently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $23.69.

RLAY has been the subject of several recent research reports. Leerink Partnrs reissued an “outperform” rating on shares of Relay Therapeutics in a research note on Thursday, February 22nd. Stifel Nicolaus increased their price objective on Relay Therapeutics from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, February 22nd.

Relay Therapeutics Price Performance

Shares of RLAY stock opened at $6.21 on Thursday. The stock has a 50 day simple moving average of $8.74 and a 200-day simple moving average of $8.94. Relay Therapeutics has a 1-year low of $5.95 and a 1-year high of $18.00. The company has a market cap of $814.63 million, a price-to-earnings ratio of -2.22 and a beta of 1.63.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($0.67) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.09. Relay Therapeutics had a negative return on equity of 42.43% and a negative net margin of 1,263.49%. During the same period in the prior year, the company posted ($0.56) earnings per share. Analysts anticipate that Relay Therapeutics will post -2.84 earnings per share for the current fiscal year.

Institutional Trading of Relay Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada increased its stake in shares of Relay Therapeutics by 198.6% in the 3rd quarter. Royal Bank of Canada now owns 1,287 shares of the company’s stock worth $29,000 after acquiring an additional 856 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Relay Therapeutics during the 2nd quarter worth $39,000. Metropolitan Life Insurance Co NY grew its holdings in shares of Relay Therapeutics by 15.5% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 5,264 shares of the company’s stock worth $79,000 after purchasing an additional 706 shares during the period. Great West Life Assurance Co. Can grew its holdings in shares of Relay Therapeutics by 48.9% during the 1st quarter. Great West Life Assurance Co. Can now owns 2,494 shares of the company’s stock worth $79,000 after purchasing an additional 819 shares during the period. Finally, Shell Asset Management Co. purchased a new position in shares of Relay Therapeutics during the 4th quarter worth $82,000. 96.98% of the stock is owned by institutional investors and hedge funds.

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.