Relay Therapeutics (NASDAQ:RLAY) PT Lowered to $23.00

Relay Therapeutics (NASDAQ:RLAY) had its target price lowered by investment analysts at JPMorgan Chase & Co. from $29.00 to $23.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 245.35% from the company’s current price.

RLAY has been the topic of a number of other reports. HC Wainwright lowered their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Barclays reduced their target price on shares of Relay Therapeutics from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. Oppenheimer reduced their target price on shares of Relay Therapeutics from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, JMP Securities reduced their target price 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. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, Relay Therapeutics has a consensus rating of “Buy” and a consensus price target of $21.67.

Relay Therapeutics Stock Performance

NASDAQ RLAY traded down $0.14 during trading hours on Wednesday, reaching $6.66. The company’s stock had a trading volume of 24,837 shares, compared to its average volume of 1,221,114. The stock has a market cap of $884.06 million, a PE ratio of -2.58 and a beta of 1.66. Relay Therapeutics has a fifty-two week low of $5.70 and a fifty-two week high of $12.14. The company’s 50-day moving average is $7.46 and its two-hundred day moving average is $7.90.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter last year, the firm earned ($0.81) earnings per share. Equities analysts expect that Relay Therapeutics will post -2.83 earnings per share for the current fiscal year.

Insider Transactions at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 36,706 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $9.07, for a total transaction of $332,923.42. Following the transaction, the chief executive officer now directly owns 766,130 shares in the company, valued at approximately $6,948,799.10. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Sanjiv Patel sold 36,706 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $9.07, for a total transaction of $332,923.42. Following the transaction, the chief executive officer now directly owns 766,130 shares in the company, valued at approximately $6,948,799.10. The sale was disclosed in a legal filing 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 that occurred on Thursday, June 27th. The shares were 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 owns 330,430 shares in the company, valued at approximately $2,061,883.20. The disclosure for this sale can be found here. Insiders have sold a total of 125,052 shares of company stock worth $988,396 in the last three months. Company insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. grew its position in shares of Relay Therapeutics by 19.4% during the second quarter. American Century Companies Inc. now owns 178,088 shares of the company’s stock worth $1,161,000 after buying an additional 28,894 shares in the last quarter. Los Angeles Capital Management LLC grew its position in shares of Relay Therapeutics by 661.7% during the second quarter. Los Angeles Capital Management LLC now owns 106,169 shares of the company’s stock worth $692,000 after buying an additional 92,230 shares in the last quarter. Candriam S.C.A. lifted its stake in Relay Therapeutics by 38.4% during the second quarter. Candriam S.C.A. now owns 703,429 shares of the company’s stock worth $4,586,000 after purchasing an additional 195,000 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Relay Therapeutics by 11.2% during the second quarter. Victory Capital Management Inc. now owns 76,539 shares of the company’s stock worth $499,000 after purchasing an additional 7,680 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in Relay Therapeutics by 4.8% in the second quarter. Rhumbline Advisers now owns 163,895 shares of the company’s stock valued at $1,069,000 after buying an additional 7,508 shares during the last quarter. Institutional investors and hedge funds 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.