Relay Therapeutics (NASDAQ:RLAY) Price Target Cut to $14.00

Relay Therapeutics (NASDAQ:RLAY) had its price objective decreased by Barclays from $15.00 to $14.00 in a report issued on Friday morning, Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other research firms also recently weighed in on RLAY. HC Wainwright lowered their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a buy rating for the company in a research note on Wednesday, July 17th. Oppenheimer restated an outperform rating and set a $25.00 target price (down from $33.00) on shares of Relay Therapeutics in a report on Monday, May 6th. Finally, JMP Securities decreased their price target on Relay Therapeutics from $24.00 to $21.00 and set a market outperform rating on the stock in a research note on Thursday, July 18th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of Buy and an average target price of $21.60.

Relay Therapeutics Trading Down 8.1 %

RLAY opened at $8.22 on Friday. The stock has a market capitalization of $1.09 billion, a P/E ratio of -3.11 and a beta of 1.66. Relay Therapeutics has a 12-month low of $5.70 and a 12-month high of $12.63. The stock has a 50-day moving average price of $7.36 and a 200-day moving average price of $8.04.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.70) by $0.08. The firm had revenue of $10.01 million during the quarter, compared to analysts’ expectations of $0.12 million. The firm’s quarterly revenue was up 4327.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.78) EPS. On average, equities research analysts predict that Relay Therapeutics will post -2.81 EPS for the current year.

Insider Transactions at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 36,706 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $9.07, for a total transaction of $332,923.42. Following the transaction, the chief executive officer now owns 766,130 shares in the company, valued at approximately $6,948,799.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Peter Rahmer sold 20,450 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $7.06, for a total value of $144,377.00. Following the completion of the sale, the insider now owns 432,425 shares of the company’s stock, valued at $3,052,920.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sanjiv Patel sold 36,706 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $9.07, for a total transaction of $332,923.42. Following the transaction, the chief executive officer now directly owns 766,130 shares in the company, valued at $6,948,799.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 87,041 shares of company stock worth $668,365. Company insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new position in shares of Relay Therapeutics during the first quarter valued at about $79,000. Virtu Financial LLC purchased a new position in shares of Relay Therapeutics during the 1st quarter worth approximately $87,000. Los Angeles Capital Management LLC raised its position in shares of Relay Therapeutics by 25.7% in the 1st quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after acquiring an additional 2,850 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Relay Therapeutics in the 4th quarter valued at approximately $126,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Relay Therapeutics during the first quarter valued at approximately $127,000. 96.98% of the stock is owned by hedge funds and other 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.