Relay Therapeutics (NASDAQ:RLAY) Trading Up 6.1% – Still a Buy?

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares were up 6.1% during mid-day trading on Thursday . The company traded as high as $3.01 and last traded at $3.04. Approximately 951,107 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 1,825,662 shares. The stock had previously closed at $2.86.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Leerink Partners lowered their price target on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. Stifel Nicolaus dropped their price target on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group decreased their price objective on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. JMP Securities reissued a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research note on Thursday, December 12th. Finally, HC Wainwright reiterated a “buy” rating and set a $16.00 price target on shares of Relay Therapeutics in a report on Friday, March 7th. One research 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.80.

Relay Therapeutics Price Performance

The company’s 50 day moving average price is $3.84 and its 200 day moving average price is $5.01. The firm has a market cap of $461.10 million, a PE ratio of -1.04 and a beta of 1.65.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.57) by $0.12. Sell-side analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Relay Therapeutics news, insider Peter Rahmer sold 16,576 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $4.45, for a total value of $73,763.20. Following the sale, the insider now directly owns 308,754 shares of the company’s stock, valued at approximately $1,373,955.30. This represents a 5.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sanjiv Patel sold 125,000 shares of Relay Therapeutics stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $4.80, for a total transaction of $600,000.00. Following the sale, the chief executive officer now directly owns 324,548 shares of the company’s stock, valued at approximately $1,557,830.40. This trade represents a 27.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 464,988 shares of company stock worth $1,968,344 in the last quarter. 4.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On Relay Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its stake in Relay Therapeutics by 28.8% in the fourth quarter. California State Teachers Retirement System now owns 106,287 shares of the company’s stock valued at $438,000 after purchasing an additional 23,760 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Relay Therapeutics by 4.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 232,582 shares of the company’s stock valued at $958,000 after buying an additional 9,293 shares in the last quarter. Squarepoint Ops LLC grew its position in shares of Relay Therapeutics by 535.9% in the 4th quarter. Squarepoint Ops LLC now owns 162,588 shares of the company’s stock valued at $670,000 after buying an additional 137,020 shares during the last quarter. Twinbeech Capital LP acquired a new stake in Relay Therapeutics during the 4th quarter worth $42,000. Finally, Two Sigma Advisers LP boosted its stake in Relay Therapeutics by 4.0% in the fourth quarter. Two Sigma Advisers LP now owns 638,900 shares of the company’s stock valued at $2,632,000 after acquiring an additional 24,700 shares in 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.