Relay Therapeutics (NASDAQ:RLAY) Earns Outperform Rating from Oppenheimer

Oppenheimer reaffirmed their outperform rating on shares of Relay Therapeutics (NASDAQ:RLAY) in a research note published on Monday, Benzinga reports. Oppenheimer currently has a $25.00 price objective on the stock, down from their previous price objective of $33.00.

Several other equities research analysts have also recently weighed in on the company. Leerink Partnrs reiterated an outperform rating on shares of Relay Therapeutics in a report on Thursday, February 22nd. Stifel Nicolaus boosted their price target on shares of Relay Therapeutics from $25.00 to $30.00 and gave the company a buy rating in a report on Thursday, February 22nd. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Relay Therapeutics has an average rating of Buy and an average price target of $24.00.

Relay Therapeutics Stock Down 3.1 %

RLAY opened at $6.31 on Monday. The business has a fifty day moving average of $7.66 and a 200 day moving average of $8.79. The stock has a market cap of $837.59 million, a P/E ratio of -2.39 and a beta of 1.68. Relay Therapeutics has a 52-week low of $5.70 and a 52-week high of $13.32.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.08. The firm had revenue of $10.01 million during the quarter, compared to analyst estimates of $0.12 million. Relay Therapeutics had a negative net margin of 1,263.49% and a negative return on equity of 42.66%. During the same period in the previous year, the firm earned ($0.78) earnings per share. The business’s revenue was up 4327.9% on a year-over-year basis. Equities analysts anticipate that Relay Therapeutics will post -2.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Relay Therapeutics

Several large investors have recently made changes to their positions in RLAY. Norges Bank acquired a new position in shares of Relay Therapeutics in the fourth quarter worth about $33,789,000. BVF Inc. IL boosted its position in Relay Therapeutics by 67.8% during the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock worth $43,710,000 after purchasing an additional 1,604,240 shares in the last quarter. Bellevue Group AG grew its holdings in Relay Therapeutics by 21.5% in the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock valued at $65,356,000 after purchasing an additional 1,051,082 shares during the period. Finepoint Capital LP increased its position in shares of Relay Therapeutics by 51.3% in the fourth 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 in the last quarter. Finally, Affinity Asset Advisors LLC acquired a new position in shares of Relay Therapeutics during the 4th quarter worth approximately $3,303,000. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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.