Jefferies Financial Group Upgrades Relay Therapeutics (NASDAQ:RLAY) to “Buy”

Relay Therapeutics (NASDAQ:RLAY) was upgraded by equities researchers at Jefferies Financial Group from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Marketbeat reports. The brokerage currently has a $16.00 target price on the stock, up from their previous target price of $10.60. Jefferies Financial Group’s price objective would indicate a potential upside of 106.32% from the company’s previous close.

Other analysts have also issued research reports about the stock. Barclays cut their price objective on shares of Relay Therapeutics from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, July 26th. HC Wainwright reduced their price objective on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. JPMorgan Chase & Co. decreased their price objective on Relay Therapeutics from $29.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. JMP Securities dropped their target price on Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating on the stock in a report on Thursday, July 18th. Finally, Oppenheimer reduced their price target on Relay Therapeutics from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.22.

Relay Therapeutics Trading Down 13.8 %

Shares of RLAY stock opened at $7.76 on Tuesday. Relay Therapeutics has a 12-month low of $5.70 and a 12-month high of $12.14. The business’s fifty day simple moving average is $7.49 and its 200-day simple moving average is $7.43. The company has a market cap of $1.03 billion, a PE ratio of -2.94 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter last year, the firm earned ($0.81) earnings per share. On average, equities analysts forecast that Relay Therapeutics will post -2.91 earnings per share for the current year.

Insider Activity

In other Relay Therapeutics news, CEO Sanjiv Patel sold 36,706 shares of the company’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 completion of the transaction, the chief executive officer now directly owns 766,130 shares in the company, valued at $6,948,799.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Peter Rahmer sold 13,708 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 391,929 shares in the company, valued at $3,209,898.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sanjiv Patel sold 36,706 shares of the stock in a transaction 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 $6,948,799.10. The disclosure for this sale can be found here. Insiders sold 84,738 shares of company stock worth $715,499 over the last three months. 4.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of large investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC purchased a new position in Relay Therapeutics during the second quarter worth approximately $37,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Relay Therapeutics in the 1st quarter worth $79,000. Virtu Financial LLC acquired a new stake in shares of Relay Therapeutics in the 1st quarter worth $87,000. Los Angeles Capital Management LLC raised its holdings in shares of Relay Therapeutics by 25.7% during 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 during the period. Finally, Victory Capital Management Inc. purchased a new stake in shares of Relay Therapeutics in the fourth quarter valued at about $126,000. Hedge funds and other institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Company Profile

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.