Barclays Cuts Relay Therapeutics (NASDAQ:RLAY) Price Target to $14.00

Relay Therapeutics (NASDAQ:RLAY) had its price objective decreased by Barclays from $15.00 to $14.00 in a research note issued to investors on Friday, Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other equities analysts have also recently weighed in on the stock. HC Wainwright decreased their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a buy rating for the company in a research note on Wednesday, July 17th. Oppenheimer restated an outperform rating and set a $25.00 price objective (down from $33.00) on shares of Relay Therapeutics in a research note on Monday, May 6th. Finally, JMP Securities cut their target price on shares of Relay Therapeutics from $24.00 to $21.00 and set a market outperform rating for the company in a research note on Thursday, July 18th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of Buy and a consensus price target of $21.60.

Relay Therapeutics Price Performance

Relay Therapeutics stock opened at $8.22 on Friday. The company has a market cap of $1.09 billion, a price-to-earnings ratio of -3.11 and a beta of 1.66. The firm has a 50-day moving average of $7.36 and a 200-day moving average of $8.04. Relay Therapeutics has a one year low of $5.70 and a one year high of $12.63.

Relay Therapeutics (NASDAQ:RLAY) last issued 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 company had revenue of $10.01 million for the quarter, compared to analyst estimates of $0.12 million. The business’s revenue for the quarter was up 4327.9% on a year-over-year basis. During the same period last year, the company posted ($0.78) earnings per share. As a group, sell-side analysts expect that Relay Therapeutics will post -2.81 earnings per share for the current year.

Insider Buying and Selling at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 36,706 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $9.07, for a total value of $332,923.42. Following the transaction, the chief executive officer now owns 766,130 shares of the company’s stock, valued at $6,948,799.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Sanjiv Patel sold 36,706 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $9.07, for a total value of $332,923.42. Following the completion of the sale, the chief executive officer now owns 766,130 shares of the company’s stock, valued at $6,948,799.10. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas Catinazzo sold 9,373 shares of the firm’s 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 transaction, the chief financial officer now directly owns 330,430 shares in the company, valued at $2,061,883.20. The disclosure for this sale can be found here. Insiders have sold a total of 87,041 shares of company stock valued at $668,365 in the last three months. 4.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in RLAY. Norges Bank bought a new position in Relay Therapeutics during the 4th quarter worth $33,789,000. BVF Inc. IL grew 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 purchasing an additional 1,604,240 shares in the last quarter. Vanguard Group Inc. increased its position 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 period. Bellevue Group AG raised 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 valued at $65,356,000 after purchasing an additional 1,051,082 shares in the last quarter. Finally, Finepoint Capital LP lifted 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 worth $14,510,000 after purchasing an additional 447,000 shares during the period. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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.