Relay Therapeutics (NASDAQ:RLAY) Price Target Cut to $21.00 by Analysts at JPMorgan Chase & Co.

Relay Therapeutics (NASDAQ:RLAY) had its target price decreased by JPMorgan Chase & Co. from $23.00 to $21.00 in a report released on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other research analysts also recently commented on RLAY. JMP Securities lowered their target price on Relay Therapeutics from $24.00 to $21.00 and set a market outperform rating for the company in a research report on Thursday, July 18th. HC Wainwright lowered their price objective 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. The Goldman Sachs Group initiated coverage on shares of Relay Therapeutics in a report on Tuesday. They issued a buy rating and a $20.00 target price on the stock. Jefferies Financial Group upgraded Relay Therapeutics from a hold rating to a buy rating and lifted their price target for the stock from $10.60 to $16.00 in a research report on Tuesday. Finally, Barclays decreased their price objective on Relay Therapeutics from $15.00 to $14.00 and set an overweight rating on the stock in a research report on Friday, July 26th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $21.22.

Relay Therapeutics Trading Down 5.4 %

NASDAQ:RLAY opened at $9.00 on Tuesday. The stock has a 50-day moving average price of $7.46 and a 200 day moving average price of $7.43. The stock has a market capitalization of $1.19 billion, a P/E ratio of -3.41 and a beta of 1.64. Relay Therapeutics has a 12-month low of $5.70 and a 12-month high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.73) by $0.04. During the same period in the prior year, the firm earned ($0.81) earnings per share. On average, research analysts predict that Relay Therapeutics will post -2.91 earnings per share for the current fiscal year.

Insider Activity at Relay Therapeutics

In related news, insider Peter Rahmer sold 13,708 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the transaction, the insider now directly owns 391,929 shares in the company, valued at approximately $3,209,898.51. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Sanjiv Patel sold 36,706 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $9.07, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter Rahmer sold 13,708 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total value of $112,268.52. Following the completion of the transaction, the insider now owns 391,929 shares of the company’s stock, valued at approximately $3,209,898.51. The disclosure for this sale can be found here. Insiders sold 84,738 shares of company stock valued at $715,499 over the last 90 days. Insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Several hedge funds have recently added to or reduced their stakes in RLAY. New York State Common Retirement Fund grew its stake in Relay Therapeutics by 3.2% in the 4th quarter. New York State Common Retirement Fund now owns 36,678 shares of the company’s stock valued at $404,000 after acquiring an additional 1,127 shares during the period. American International Group Inc. grew its holdings in shares of Relay Therapeutics by 4.0% during the 1st quarter. American International Group Inc. now owns 46,686 shares of the company’s stock worth $387,000 after purchasing an additional 1,810 shares during the period. Congress Asset Management Co. MA lifted its position in Relay Therapeutics by 1.4% in the first quarter. Congress Asset Management Co. MA now owns 149,082 shares of the company’s stock valued at $1,237,000 after buying an additional 2,108 shares during the last quarter. Los Angeles Capital Management LLC raised its stake 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 valued at $116,000 after acquiring an additional 2,850 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in shares of Relay Therapeutics by 14.9% in the 1st quarter. ProShare Advisors LLC now owns 26,214 shares of the company’s stock worth $218,000 after acquiring an additional 3,394 shares during the last quarter. 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.