Relay Therapeutics’ (RLAY) Market Outperform Rating Reaffirmed at JMP Securities

Relay Therapeutics (NASDAQ:RLAY)‘s stock had its “market outperform” rating reaffirmed by equities research analysts at JMP Securities in a note issued to investors on Tuesday, Benzinga reports. They presently have a $21.00 price target on the stock. JMP Securities’ price target suggests a potential upside of 165.15% from the stock’s current price.

Several other research analysts also recently issued reports on the stock. Oppenheimer downgraded shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 10th. The Goldman Sachs Group assumed coverage on shares of Relay Therapeutics in a report on Tuesday, September 10th. They issued a “buy” rating and a $20.00 target price on the stock. JPMorgan Chase & Co. cut their price objective on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, September 10th. Stifel Nicolaus reiterated a “buy” rating and set a $28.00 target price on shares of Relay Therapeutics in a research report on Monday. Finally, Barclays raised their target price on shares of Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Relay Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $21.11.

Relay Therapeutics Stock Down 2.3 %

RLAY stock traded down $0.19 during trading hours on Tuesday, hitting $7.92. The company’s stock had a trading volume of 680,499 shares, compared to its average volume of 1,426,353. The company has a market capitalization of $1.06 billion, a PE ratio of -3.00 and a beta of 1.64. Relay Therapeutics has a 12 month low of $5.70 and a 12 month high of $12.14. The stock has a 50 day moving average price of $7.57 and a two-hundred day moving average price of $7.36.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.73) by $0.04. During the same period last year, the company posted ($0.81) EPS. Sell-side analysts expect that Relay Therapeutics will post -2.86 earnings per share for the current year.

Insider Buying and Selling

In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of Relay Therapeutics stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total value of $112,268.52. Following the sale, the insider now owns 391,929 shares of the company’s stock, valued at approximately $3,209,898.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Thomas Catinazzo sold 10,780 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $8.56, for a total value of $92,276.80. Following the completion of the sale, the chief financial officer now owns 319,650 shares of the company’s stock, valued at approximately $2,736,204. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Peter Rahmer sold 13,708 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the transaction, the insider now owns 391,929 shares in the company, valued at $3,209,898.51. The disclosure for this sale can be found here. In the last three months, insiders sold 84,738 shares of company stock valued at $715,499. 4.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Caxton Associates LP boosted its stake in Relay Therapeutics by 637.3% in the 4th quarter. Caxton Associates LP now owns 279,101 shares of the company’s stock valued at $3,073,000 after purchasing an additional 241,247 shares during the period. Russell Investments Group Ltd. increased its holdings in Relay Therapeutics by 57.2% in the 1st quarter. Russell Investments Group Ltd. now owns 179,972 shares of the company’s stock valued at $1,494,000 after buying an additional 65,484 shares during the period. Finepoint Capital LP raised its position in Relay Therapeutics by 51.3% during the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock valued at $14,510,000 after purchasing an additional 447,000 shares in the last quarter. BVF Inc. IL raised its holdings 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 worth $43,710,000 after buying an additional 1,604,240 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Relay Therapeutics in the fourth quarter worth about $33,789,000. 96.98% of the stock is currently owned by institutional investors.

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.