Relay Therapeutics (NASDAQ:RLAY) Stock Price Up 9.9%

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price rose 9.9% during mid-day trading on Thursday . The company traded as high as $7.72 and last traded at $7.68. Approximately 379,625 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 1,214,987 shares. The stock had previously closed at $6.99.

Analyst Ratings Changes

RLAY has been the topic of a number of recent analyst reports. HC Wainwright reissued a “buy” rating and issued a $20.00 price target on shares of Relay Therapeutics in a report on Friday, June 7th. Oppenheimer restated an “outperform” rating and issued a $25.00 price objective (down from $33.00) on shares of Relay Therapeutics in a research report on Monday, May 6th. JMP Securities restated a “market outperform” rating and issued a $24.00 price objective on shares of Relay Therapeutics in a research report on Monday, May 6th. Finally, Barclays upgraded shares of Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 price objective on the stock in a research report on Friday, May 10th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $22.80.

Relay Therapeutics Stock Up 11.0 %

The business’s 50-day simple moving average is $6.84 and its 200 day simple moving average is $8.32. The firm has a market capitalization of $1.03 billion, a P/E ratio of -2.81 and a beta of 1.66.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.62) EPS for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.08. The business had revenue of $10.01 million for the quarter, compared to the consensus estimate of $0.12 million. During the same quarter in the previous year, the business earned ($0.78) earnings per share. The firm’s revenue was up 4327.9% on a year-over-year basis. Sell-side analysts predict that Relay Therapeutics, Inc. will post -2.81 earnings per share for the current year.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, insider Peter Rahmer sold 19,864 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $6.47, for a total transaction of $128,520.08. Following the transaction, the insider now directly owns 493,470 shares in the company, valued at $3,192,750.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Thomas Catinazzo sold 9,373 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $6.24, for a total value of $58,487.52. Following the transaction, the chief financial officer now owns 330,430 shares in the company, valued at $2,061,883.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Peter Rahmer sold 19,864 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $6.47, for a total transaction of $128,520.08. Following the completion of the transaction, the insider now owns 493,470 shares in the company, valued at approximately $3,192,750.90. The disclosure for this sale can be found here. Insiders have sold 53,375 shares of company stock worth $354,836 over the last ninety days. Insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Relay Therapeutics by 10.9% in the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock worth $98,070,000 after purchasing an additional 1,165,282 shares during the last quarter. Bellevue Group AG lifted its stake in Relay Therapeutics by 21.5% in the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock worth $65,356,000 after acquiring an additional 1,051,082 shares during the period. BVF Inc. IL lifted its stake in Relay Therapeutics by 67.8% in the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock worth $43,710,000 after acquiring an additional 1,604,240 shares during the period. Norges Bank purchased a new stake in Relay Therapeutics in the fourth quarter worth $33,789,000. Finally, Finepoint Capital LP lifted its stake in Relay Therapeutics by 51.3% in the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock worth $14,510,000 after acquiring an additional 447,000 shares during the period. Institutional investors own 96.98% of the company’s stock.

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.