JMP Securities Trims Relay Therapeutics (NASDAQ:RLAY) Target Price to $21.00

Relay Therapeutics (NASDAQ:RLAY) had its price objective trimmed by JMP Securities from $24.00 to $21.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a market outperform rating on the stock.

RLAY has been the topic of a number of other reports. Barclays upgraded Relay Therapeutics from an equal weight rating to an overweight rating and set a $15.00 price target on the stock in a report on Friday, May 10th. Oppenheimer restated an outperform rating and set a $25.00 price target (down from $33.00) on shares of Relay Therapeutics in a report on Monday, May 6th. Finally, HC Wainwright lowered their target price on Relay Therapeutics from $20.00 to $18.00 and set a buy rating on the stock in a research report on Wednesday. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Relay Therapeutics has a consensus rating of Buy and an average target price of $21.80.

Relay Therapeutics Price Performance

Shares of RLAY stock opened at $8.60 on Thursday. The stock has a market capitalization of $1.14 billion, a PE ratio of -3.26 and a beta of 1.66. Relay Therapeutics has a one year low of $5.70 and a one year high of $12.63. The business’s 50 day simple moving average is $7.08 and its 200 day simple moving average is $8.18.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share (EPS) for the quarter, topping 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. Relay Therapeutics’s quarterly revenue was up 4327.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.78) earnings per share. As a group, research analysts expect that Relay Therapeutics will post -2.81 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 9,373 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $6.24, for a total value of $58,487.52. Following the completion of the sale, the chief financial officer now directly owns 330,430 shares of the company’s stock, valued at approximately $2,061,883.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Thomas Catinazzo sold 9,373 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $6.24, for a total value of $58,487.52. Following the completion of the sale, the chief financial officer now directly owns 330,430 shares of the company’s stock, valued at approximately $2,061,883.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Peter Rahmer sold 20,450 shares of the stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total value of $144,377.00. Following the completion of the sale, the insider now directly owns 432,425 shares of the company’s stock, valued at $3,052,920.50. The disclosure for this sale can be found here. Insiders have sold 53,375 shares of company stock valued at $354,836 over the last ninety days. 4.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. New York State Common Retirement Fund increased its position in shares of Relay Therapeutics by 3.2% during the 4th quarter. New York State Common Retirement Fund now owns 36,678 shares of the company’s stock valued at $404,000 after purchasing an additional 1,127 shares during the last quarter. Handelsbanken Fonder AB increased its position in shares of Relay Therapeutics by 5.7% during the 4th quarter. Handelsbanken Fonder AB now owns 29,500 shares of the company’s stock valued at $325,000 after purchasing an additional 1,600 shares during the last quarter. American International Group Inc. increased its position in shares of Relay Therapeutics by 4.0% during the 1st quarter. American International Group Inc. now owns 46,686 shares of the company’s stock valued at $387,000 after purchasing an additional 1,810 shares during the last quarter. Congress Asset Management Co. MA increased its position in shares of Relay Therapeutics by 1.4% during the 1st quarter. Congress Asset Management Co. MA now owns 149,082 shares of the company’s stock valued at $1,237,000 after purchasing an additional 2,108 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its position in shares of Relay Therapeutics by 25.7% during the 1st quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after purchasing an additional 2,850 shares during the last quarter. 96.98% of the stock is owned by hedge funds and other institutional investors.

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.