Relay Therapeutics (NASDAQ:RLAY) Shares Up 6.7%

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price shot up 6.7% during trading on Tuesday . The stock traded as high as $9.39 and last traded at $9.39. 360,995 shares were traded during mid-day trading, a decline of 71% from the average session volume of 1,234,029 shares. The stock had previously closed at $8.80.

Wall Street Analyst Weigh In

Several research firms have commented on RLAY. 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 report on Friday, May 10th. JMP Securities decreased their price objective on shares of Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating on the stock in a report on Thursday, July 18th. HC Wainwright decreased their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $25.00 price objective (down from $33.00) on shares of Relay Therapeutics in a report on Monday, May 6th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $21.80.

Relay Therapeutics Stock Up 1.5 %

The company’s 50 day moving average is $7.29 and its 200 day moving average is $8.13. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of -3.43 and a beta of 1.66.

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

Insider Activity at Relay Therapeutics

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RLAY. SG Americas Securities LLC raised its holdings in Relay Therapeutics by 139.4% in the 4th quarter. SG Americas Securities LLC now owns 91,973 shares of the company’s stock valued at $1,013,000 after buying an additional 53,559 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its position in shares of Relay Therapeutics by 354.8% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 14,257 shares of the company’s stock worth $157,000 after buying an additional 11,122 shares during the period. DekaBank Deutsche Girozentrale grew its position in shares of Relay Therapeutics by 14.9% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 68,937 shares of the company’s stock worth $763,000 after buying an additional 8,937 shares during the period. Handelsbanken Fonder AB grew 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 worth $325,000 after buying an additional 1,600 shares during the period. Finally, New York State Common Retirement Fund grew 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 worth $404,000 after buying an additional 1,127 shares during the period. Institutional investors own 96.98% of the company’s stock.

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.