Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have been assigned an average recommendation of “Moderate Buy” from the ten analysts that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $19.80.

A number of analysts have commented on the company. HC Wainwright restated a “buy” rating and issued a $16.00 price target on shares of Relay Therapeutics in a research report on Friday, March 7th. The Goldman Sachs Group cut their price objective on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Leerink Partners decreased their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 4th. JMP Securities reiterated a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a research report on Thursday, December 12th. Finally, Stifel Nicolaus reduced their price objective on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, February 27th.

Relay Therapeutics Trading Down 3.7 %

Shares of NASDAQ RLAY opened at $2.62 on Thursday. Relay Therapeutics has a 12-month low of $2.45 and a 12-month high of $10.72. The firm has a market capitalization of $444.15 million, a price-to-earnings ratio of -1.00 and a beta of 1.65. The firm has a 50 day moving average of $3.80 and a 200 day moving average of $4.93.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.12. Sell-side analysts predict that Relay Therapeutics will post -2.55 EPS for the current year.

Insider Activity

In other Relay Therapeutics news, CEO Sanjiv Patel sold 125,000 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $4.80, for a total transaction of $600,000.00. Following the transaction, the chief executive officer now owns 324,548 shares in the company, valued at $1,557,830.40. The trade was a 27.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Peter Rahmer sold 32,156 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total transaction of $133,447.40. Following the completion of the sale, the insider now directly owns 357,507 shares in the company, valued at approximately $1,483,654.05. This represents a 8.25 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 470,150 shares of company stock worth $1,983,004. 4.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several hedge funds have recently added to or reduced their stakes in RLAY. Martingale Asset Management L P increased its stake in Relay Therapeutics by 3.5% in the fourth quarter. Martingale Asset Management L P now owns 80,371 shares of the company’s stock worth $331,000 after purchasing an additional 2,700 shares during the period. Virtus ETF Advisers LLC grew its holdings in shares of Relay Therapeutics by 26.2% in the fourth quarter. Virtus ETF Advisers LLC now owns 14,873 shares of the company’s stock worth $61,000 after purchasing an additional 3,092 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Relay Therapeutics by 1.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 218,872 shares of the company’s stock worth $902,000 after buying an additional 3,325 shares during the period. Summit Investment Advisors Inc. lifted its holdings in Relay Therapeutics by 41.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company’s stock valued at $52,000 after buying an additional 3,760 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its holdings in Relay Therapeutics by 160.0% during the 4th 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 in the last quarter. 96.98% of the stock is currently owned by institutional investors.

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.