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

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have been given a consensus rating of “Buy” by the seven analysts that are currently covering the firm, MarketBeat.com reports. Seven equities research analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $22.80.

Several brokerages have issued reports on RLAY. HC Wainwright reissued a “buy” rating and issued a $20.00 price objective on shares of Relay Therapeutics in a research note on Friday, June 7th. Barclays upgraded shares of Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 price target on the stock in a research note on Friday, May 10th. Oppenheimer restated an “outperform” rating and issued a $25.00 price objective (down previously from $33.00) on shares of Relay Therapeutics in a research report on Monday, May 6th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $24.00 price objective on shares of Relay Therapeutics in a report on Monday, May 6th.

Insider Activity

In related news, insider Peter Rahmer sold 19,864 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $6.47, for a total transaction of $128,520.08. Following the sale, the insider now owns 493,470 shares of the company’s stock, valued at $3,192,750.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Relay Therapeutics news, insider Peter Rahmer sold 19,864 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $6.47, for a total transaction of $128,520.08. Following the sale, the insider now directly owns 493,470 shares in the company, valued at $3,192,750.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Thomas Catinazzo sold 9,373 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $6.24, for a total value of $58,487.52. Following the completion of the transaction, the chief financial officer now owns 330,430 shares of the company’s stock, valued at approximately $2,061,883.20. The disclosure for this sale can be found here. Insiders sold 53,375 shares of company stock worth $354,836 in the last 90 days. 4.32% of the stock is currently owned by corporate insiders.

Institutional Trading of Relay Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. New York State Common Retirement Fund raised its position in shares of Relay Therapeutics by 3.2% during the 4th quarter. New York State Common Retirement Fund now owns 36,678 shares of the company’s stock worth $404,000 after purchasing an additional 1,127 shares during the last quarter. Handelsbanken Fonder AB raised its holdings in shares of Relay Therapeutics by 5.7% in the fourth quarter. Handelsbanken Fonder AB now owns 29,500 shares of the company’s stock worth $325,000 after acquiring an additional 1,600 shares during the last quarter. American International Group Inc. raised its holdings in shares of Relay Therapeutics by 4.0% in the first quarter. American International Group Inc. now owns 46,686 shares of the company’s stock worth $387,000 after acquiring an additional 1,810 shares during the last quarter. Swiss National Bank lifted its position in shares of Relay Therapeutics by 1.2% in the third quarter. Swiss National Bank now owns 173,800 shares of the company’s stock valued at $1,462,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Congress Asset Management Co. MA boosted its stake in shares of Relay Therapeutics by 1.4% during the first quarter. Congress Asset Management Co. MA now owns 149,082 shares of the company’s stock valued at $1,237,000 after acquiring an additional 2,108 shares during the last quarter. Hedge funds and other institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Stock Performance

Shares of RLAY opened at $6.40 on Tuesday. The company has a market capitalization of $849.55 million, a price-to-earnings ratio of -2.42 and a beta of 1.66. Relay Therapeutics has a fifty-two week low of $5.70 and a fifty-two week high of $13.32. The firm has a 50-day simple moving average of $6.81 and a 200-day simple moving average of $8.50.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share for the quarter, beating the consensus estimate of ($0.70) by $0.08. The company had revenue of $10.01 million during the quarter, compared to analysts’ expectations of $0.12 million. The company’s revenue for the quarter was up 4327.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.78) earnings per share. Equities research analysts forecast that Relay Therapeutics will post -2.81 EPS 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.