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

Relay Therapeutics, Inc. (NASDAQ:RLAY) has earned a consensus rating of “Moderate Buy” from the eleven research firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $20.50.

A number of equities analysts have recently issued reports on RLAY shares. HC Wainwright cut their price target on shares of Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, December 4th. JMP Securities restated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a report on Thursday, December 12th. Leerink Partners dropped their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. Finally, Stifel Nicolaus restated a “buy” rating and set a $28.00 target price on shares of Relay Therapeutics in a report on Monday, September 16th.

Relay Therapeutics Stock Down 7.9 %

Shares of RLAY opened at $4.45 on Friday. The company has a 50-day simple moving average of $4.81 and a 200-day simple moving average of $6.32. The company has a market capitalization of $744.85 million, a PE ratio of -1.70 and a beta of 1.60. Relay Therapeutics has a 52-week low of $4.00 and a 52-week high of $12.07.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. The business’s revenue for the quarter was down 100.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.54) earnings per share. On average, research analysts anticipate that Relay Therapeutics will post -2.55 EPS for the current year.

Insider Buying and Selling

In other news, CEO Sanjiv Patel sold 100,000 shares of Relay Therapeutics stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $5.00, for a total transaction of $500,000.00. Following the sale, the chief executive officer now owns 574,548 shares in the company, valued at $2,872,740. This trade represents a 14.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Peter Rahmer sold 16,576 shares of Relay Therapeutics stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $4.45, for a total transaction of $73,763.20. Following the sale, the insider now owns 308,754 shares in the company, valued at $1,373,955.30. This represents a 5.10 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 162,319 shares of company stock valued at $781,067. Insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its stake in shares of Relay Therapeutics by 26.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company’s stock worth $7,333,000 after buying an additional 214,398 shares during the last quarter. Maven Securities LTD bought a new stake in shares of Relay Therapeutics in the third quarter worth $2,389,000. Geode Capital Management LLC increased its stake in shares of Relay Therapeutics by 15.5% in the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock worth $19,348,000 after buying an additional 367,473 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Relay Therapeutics by 39.2% in the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after buying an additional 1,554,115 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Relay Therapeutics by 3,883.8% in the third quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock worth $9,429,000 after buying an additional 1,361,779 shares during the last quarter. Hedge funds and other institutional investors own 96.98% of the company’s stock.

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.