Brokerages Set Relay Therapeutics, Inc. (NASDAQ:RLAY) PT at $23.69

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have received an average rating of “Moderate Buy” from the ten ratings firms that are presently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $23.69.

A number of research firms recently weighed in on RLAY. Stifel Nicolaus raised their target price 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. Leerink Partnrs reaffirmed an “outperform” rating on shares of Relay Therapeutics in a research note on Thursday, February 22nd.

Relay Therapeutics Price Performance

Relay Therapeutics stock opened at $6.21 on Thursday. The stock has a market cap of $814.63 million, a P/E ratio of -2.22 and a beta of 1.63. Relay Therapeutics has a 1 year low of $5.95 and a 1 year high of $18.00. The firm’s 50 day moving average price is $8.74 and its 200-day moving average price is $8.94.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Thursday, February 22nd. The company reported ($0.67) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.09. Relay Therapeutics had a negative net margin of 1,263.49% and a negative return on equity of 42.43%. During the same period last year, the firm earned ($0.56) earnings per share. As a group, equities analysts expect that Relay Therapeutics will post -2.84 EPS for the current year.

Institutional Trading of Relay Therapeutics

A number of large investors have recently made changes to their positions in RLAY. Norges Bank purchased a new stake in shares of Relay Therapeutics during the fourth quarter valued at $33,789,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Relay Therapeutics by 52.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,862,960 shares of the company’s stock valued at $113,034,000 after acquiring an additional 2,369,956 shares in the last quarter. Morgan Stanley raised its holdings in shares of Relay Therapeutics by 592.1% in the fourth quarter. Morgan Stanley now owns 2,369,344 shares of the company’s stock valued at $35,398,000 after acquiring an additional 2,027,003 shares in the last quarter. BVF Inc. IL raised its holdings in shares of Relay Therapeutics by 67.8% in the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after acquiring an additional 1,604,240 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Relay Therapeutics by 46.9% in the second quarter. State Street Corp now owns 4,778,419 shares of the company’s stock valued at $80,039,000 after acquiring an additional 1,524,727 shares in the last quarter. 96.98% of the stock is owned by hedge funds and other 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.