Relay Therapeutics (NASDAQ:RLAY) Trading Up 10.1%

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) traded up 10.1% during trading on Monday . The company traded as high as $7.10 and last traded at $7.10. 462,907 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 1,202,975 shares. The stock had previously closed at $6.45.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. JMP Securities cut their price objective 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. Oppenheimer dropped their target price on shares of Relay Therapeutics from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. dropped their target price on shares of Relay Therapeutics from $29.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. HC Wainwright dropped their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Finally, Barclays dropped their target price on shares of Relay Therapeutics from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $21.67.

Relay Therapeutics Trading Up 12.1 %

The business’s 50-day moving average is $7.39 and its two-hundred day moving average is $7.73. The firm has a market cap of $968.02 million, a P/E ratio of -2.59 and a beta of 1.66.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter in the prior year, the company posted ($0.81) EPS. On average, analysts anticipate that Relay Therapeutics, Inc. will post -2.91 earnings per share for the current year.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 36,706 shares of the business’s 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 completion of the transaction, the chief executive officer now directly owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Peter Rahmer sold 13,708 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total value of $112,268.52. Following the completion of the sale, the insider now directly owns 391,929 shares of the company’s stock, valued at approximately $3,209,898.51. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sanjiv Patel sold 36,706 shares of the company’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 $6,948,799.10. The disclosure for this sale can be found here. Insiders sold 125,052 shares of company stock valued at $988,396 in the last ninety days. Company insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Relay Therapeutics by 10.9% during the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock valued at $98,070,000 after acquiring an additional 1,165,282 shares during the period. 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 period. BVF Inc. IL increased its stake in Relay Therapeutics by 67.8% in the 4th quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after buying an additional 1,604,240 shares during the period. Norges Bank acquired a new position in Relay Therapeutics in the 4th quarter valued at approximately $33,789,000. Finally, Finepoint Capital LP increased its stake in shares of Relay Therapeutics by 51.3% during the 4th quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock worth $14,510,000 after purchasing an additional 447,000 shares during the last quarter. 96.98% of the stock is owned by institutional investors and hedge funds.

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.