Stifel Nicolaus Has Lowered Expectations for Relay Therapeutics (NASDAQ:RLAY) Stock Price

Relay Therapeutics (NASDAQ:RLAY) had its price target reduced by Stifel Nicolaus from $27.00 to $23.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

RLAY has been the subject of several other reports. JMP Securities reiterated a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a report on Thursday, December 12th. HC Wainwright reiterated a “buy” rating and set a $16.00 price target on shares of Relay Therapeutics in a report on Tuesday, January 14th. Finally, Leerink Partners reduced their price target on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.80.

Relay Therapeutics Price Performance

NASDAQ:RLAY opened at $3.25 on Thursday. Relay Therapeutics has a fifty-two week low of $3.25 and a fifty-two week high of $10.72. The stock’s 50-day moving average is $4.31 and its two-hundred day moving average is $5.54. The stock has a market cap of $543.99 million, a PE ratio of -1.25 and a beta of 1.61.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.57) by $0.12. On average, equities research analysts anticipate that Relay Therapeutics will post -2.55 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Sanjiv Patel sold 75,324 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $3.70, for a total transaction of $278,698.80. Following the sale, the chief executive officer now directly owns 883,089 shares in the company, valued at approximately $3,267,429.30. The trade was a 7.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Thomas Catinazzo sold 36,036 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $4.63, for a total value of $166,846.68. Following the sale, the chief financial officer now owns 263,190 shares in the company, valued at approximately $1,218,569.70. This represents a 12.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 570,152 shares of company stock worth $2,491,157. 4.32% of the stock is currently owned by insiders.

Institutional Trading of Relay Therapeutics

A number of large investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC boosted its stake in Relay Therapeutics by 6.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 41,203 shares of the company’s stock worth $292,000 after purchasing an additional 2,547 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in Relay Therapeutics by 65.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 25,751 shares of the company’s stock worth $182,000 after purchasing an additional 10,157 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in Relay Therapeutics by 33.7% in the third quarter. Thrivent Financial for Lutherans now owns 160,458 shares of the company’s stock worth $1,137,000 after purchasing an additional 40,447 shares in the last quarter. First Turn Management LLC acquired a new position in Relay Therapeutics in the third quarter worth $8,683,000. Finally, Intech Investment Management LLC acquired a new position in Relay Therapeutics in the third quarter worth $256,000. 96.98% of the stock is currently owned by 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.