Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives $20.50 Consensus Target Price from Brokerages

Relay Therapeutics, Inc. (NASDAQ:RLAY) has earned an average recommendation of “Moderate Buy” from the eleven analysts that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $20.50.

Several research firms have recently weighed in on RLAY. JMP Securities reiterated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research report on Thursday, December 12th. Leerink Partners decreased their price objective on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. Finally, HC Wainwright restated a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a research note on Tuesday, January 14th.

Relay Therapeutics Price Performance

Shares of NASDAQ:RLAY opened at $3.74 on Wednesday. The firm has a market capitalization of $626.01 million, a PE ratio of -1.43 and a beta of 1.61. The business has a 50 day simple moving average of $4.48 and a two-hundred day simple moving average of $5.86. Relay Therapeutics has a 1 year low of $3.50 and a 1 year high of $11.16.

Insiders Place Their Bets

In other Relay Therapeutics news, insider Peter Rahmer sold 32,156 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total value of $133,447.40. Following the completion of the sale, the insider now directly owns 357,507 shares in the company, valued at $1,483,654.05. This trade represents a 8.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas Catinazzo sold 20,791 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $4.42, for a total value of $91,896.22. Following the transaction, the chief financial officer now directly owns 379,431 shares in the company, valued at approximately $1,677,085.02. The trade was a 5.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 354,646 shares of company stock worth $1,672,757 over the last 90 days. Company insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC raised its stake in Relay Therapeutics by 160.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock valued at $27,000 after buying an additional 4,000 shares during the last quarter. Cibc World Markets Corp purchased a new position in shares of Relay Therapeutics in the 4th quarter valued at approximately $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Relay Therapeutics in the 3rd quarter worth approximately $63,000. Portland Investment Counsel Inc. purchased a new stake in Relay Therapeutics during the 3rd quarter worth approximately $71,000. Finally, E Fund Management Co. Ltd. increased its stake in Relay Therapeutics by 52.8% during the 4th quarter. E Fund Management Co. Ltd. now owns 17,654 shares of the company’s stock valued at $73,000 after purchasing an additional 6,104 shares in the last quarter. 96.98% of the stock is currently 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.