Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives $16.75 Consensus PT from Brokerages

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have been given an average rating of “Moderate Buy” by the eight brokerages that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $16.5714.

Several research analysts recently issued reports on RLAY shares. Guggenheim began coverage on Relay Therapeutics in a research report on Thursday, September 4th. They set a “buy” rating and a $15.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Relay Therapeutics in a research note on Tuesday, October 14th. HC Wainwright lowered their price objective on Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, August 26th. Raymond James Financial reduced their target price on Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating on the stock in a report on Friday, August 8th. Finally, Wells Fargo & Company increased their target price on shares of Relay Therapeutics from $4.00 to $6.00 and gave the company an “equal weight” rating in a research report on Friday, November 7th.

Insider Activity

In other news, CEO Sanjiv Patel sold 62,073 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $7.00, for a total transaction of $434,511.00. Following the completion of the sale, the chief executive officer directly owned 703,215 shares in the company, valued at $4,922,505. This represents a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Peter Rahmer sold 21,394 shares of the business’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $7.50, for a total transaction of $160,455.00. Following the completion of the transaction, the insider owned 337,469 shares in the company, valued at approximately $2,531,017.50. The trade was a 5.96% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 155,163 shares of company stock valued at $1,117,630. 4.87% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Acadian Asset Management LLC lifted its holdings in shares of Relay Therapeutics by 2,256.1% in the first quarter. Acadian Asset Management LLC now owns 682,028 shares of the company’s stock worth $1,785,000 after buying an additional 653,081 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new position in Relay Therapeutics during the first quarter valued at approximately $223,000. Invesco Ltd. increased its holdings in Relay Therapeutics by 54.8% during the 1st quarter. Invesco Ltd. now owns 184,831 shares of the company’s stock worth $484,000 after acquiring an additional 65,414 shares during the period. Farther Finance Advisors LLC lifted its stake in Relay Therapeutics by 8,553.9% in the 2nd quarter. Farther Finance Advisors LLC now owns 16,702 shares of the company’s stock worth $58,000 after purchasing an additional 16,509 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its stake in Relay Therapeutics by 4.2% in the 1st quarter. Hsbc Holdings PLC now owns 116,408 shares of the company’s stock worth $300,000 after purchasing an additional 4,639 shares in the last quarter. 96.98% of the stock is owned by institutional investors and hedge funds.

Relay Therapeutics Price Performance

Shares of Relay Therapeutics stock opened at $8.00 on Tuesday. Relay Therapeutics has a fifty-two week low of $1.77 and a fifty-two week high of $8.36. The company’s 50 day moving average price is $6.66 and its two-hundred day moving average price is $4.63. The firm has a market capitalization of $1.39 billion, a P/E ratio of -4.57 and a beta of 1.50.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.04). On average, analysts expect that Relay Therapeutics will post -2.55 earnings per share for the current year.

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.