Relay Therapeutics (NASDAQ:RLAY) Lifted to Buy at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Relay Therapeutics (NASDAQ:RLAY) from a hold rating to a buy rating in a report published on Tuesday morning, MarketBeat reports. They currently have $16.00 target price on the stock, up from their previous target price of $10.60.

A number of other brokerages also recently weighed in on RLAY. Oppenheimer decreased their price target on Relay Therapeutics from $25.00 to $24.00 and set an outperform rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their target price on Relay Therapeutics from $29.00 to $23.00 and set an overweight rating for the company in a report on Wednesday, August 7th. HC Wainwright cut their price target on Relay Therapeutics from $20.00 to $18.00 and set a buy rating on the stock in a report on Wednesday, July 17th. JMP Securities lowered their price objective 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. Finally, Barclays cut their target price on shares of Relay Therapeutics from $15.00 to $14.00 and set an overweight rating on the stock in a research note on Friday, July 26th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $21.22.

Relay Therapeutics Price Performance

Relay Therapeutics stock opened at $7.62 on Tuesday. The firm has a market cap of $1.02 billion, a P/E ratio of -2.89 and a beta of 1.64. The stock’s 50 day moving average is $7.52 and its 200 day moving average is $7.43. Relay Therapeutics has a one year low of $5.70 and a one year high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter last year, the company posted ($0.81) earnings per share. Equities analysts anticipate that Relay Therapeutics will post -2.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, insider Peter Rahmer sold 13,523 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $8.54, for a total value of $115,486.42. Following the transaction, the insider now directly owns 420,765 shares of the company’s stock, valued at $3,593,333.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Relay Therapeutics news, CEO Sanjiv Patel sold 36,706 shares of the business’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 transaction of $332,923.42. Following the completion of the sale, the chief executive officer now directly owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter Rahmer sold 13,523 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $8.54, for a total value of $115,486.42. Following the completion of the transaction, the insider now owns 420,765 shares in the company, valued at approximately $3,593,333.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 84,738 shares of company stock worth $715,499. 4.32% of the stock is owned by corporate 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. Norges Bank purchased a new position in Relay Therapeutics during the 4th quarter worth $33,789,000. BVF Inc. IL lifted its position in shares of Relay Therapeutics by 67.8% during the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after purchasing an additional 1,604,240 shares in the last quarter. Logos Global Management LP purchased a new position in Relay Therapeutics during the second quarter worth about $8,476,000. Vanguard Group Inc. grew its position in Relay Therapeutics by 10.9% in the 1st 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 in the last quarter. Finally, Bellevue Group AG increased its stake in Relay Therapeutics by 21.5% in the 4th quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock valued at $65,356,000 after buying an additional 1,051,082 shares during the last quarter. 96.98% of the stock is owned by hedge funds and other institutional investors.

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.