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

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have been given an average recommendation of “Moderate Buy” by the ten research firms that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $21.22.

Several equities research analysts have commented on RLAY shares. JMP Securities restated a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a research note on Tuesday, September 17th. JPMorgan Chase & Co. cut their target price on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, September 10th. Oppenheimer downgraded Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. Barclays lifted their target price on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, Jefferies Financial Group upgraded shares of Relay Therapeutics from a “hold” rating to a “buy” rating and boosted their price target for the stock from $10.60 to $16.00 in a research report on Tuesday, September 10th.

Relay Therapeutics Price Performance

Shares of RLAY opened at $4.64 on Friday. Relay Therapeutics has a 12 month low of $4.48 and a 12 month high of $12.14. The stock has a fifty day moving average price of $6.42 and a 200 day moving average price of $6.93. The company has a market cap of $776.64 million, a P/E ratio of -1.78 and a beta of 1.67.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.77) by $0.14. The firm’s quarterly revenue was down 100.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.54) EPS. As a group, research analysts anticipate that Relay Therapeutics will post -2.61 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.06, for a total transaction of $41,220.12. Following the transaction, the chief financial officer now owns 306,391 shares in the company, valued at approximately $1,856,729.46. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Swiss National Bank lifted its position in shares of Relay Therapeutics by 4.5% in the first quarter. Swiss National Bank now owns 163,500 shares of the company’s stock worth $1,357,000 after purchasing an additional 7,100 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Relay Therapeutics by 57.2% during the 1st quarter. Russell Investments Group Ltd. now owns 179,972 shares of the company’s stock valued at $1,494,000 after buying an additional 65,484 shares during the period. ProShare Advisors LLC grew its holdings in shares of Relay Therapeutics by 14.9% during the 1st quarter. ProShare Advisors LLC now owns 26,214 shares of the company’s stock valued at $218,000 after acquiring an additional 3,394 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Relay Therapeutics by 10.9% in the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock worth $98,070,000 after acquiring an additional 1,165,282 shares during the last quarter. Finally, American International Group Inc. raised its holdings in shares of Relay Therapeutics by 4.0% during 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 in the last quarter. 96.98% of the stock is currently 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.