Relay Therapeutics (NASDAQ:RLAY) Earns Outperform Rating from Oppenheimer

Oppenheimer reiterated their outperform rating on shares of Relay Therapeutics (NASDAQ:RLAY) in a report issued on Monday, Benzinga reports. They currently have a $25.00 price target on the stock, down from their previous price target of $33.00.

A number of other research firms also recently issued reports on RLAY. Leerink Partnrs reissued an outperform rating on shares of Relay Therapeutics in a research report on Thursday, February 22nd. Stifel Nicolaus boosted their target price on Relay Therapeutics from $25.00 to $30.00 and gave the stock a buy rating in a report on Thursday, February 22nd. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Relay Therapeutics currently has an average rating of Buy and an average target price of $24.00.

Relay Therapeutics Stock Performance

RLAY opened at $6.51 on Monday. Relay Therapeutics has a 1 year low of $5.70 and a 1 year high of $13.32. The company’s 50 day simple moving average is $7.73 and its 200 day simple moving average is $8.80. The stock has a market capitalization of $864.14 million, a PE ratio of -2.47 and a beta of 1.68.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.08. The company had revenue of $10.01 million for the quarter, compared to analyst estimates of $0.12 million. Relay Therapeutics had a negative net margin of 1,263.49% and a negative return on equity of 42.66%. Relay Therapeutics’s revenue for the quarter was up 4327.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.78) EPS. As a group, sell-side analysts expect that Relay Therapeutics will post -2.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Relay Therapeutics

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Relay Therapeutics by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 10,650,387 shares of the company’s stock worth $117,261,000 after acquiring an additional 98,025 shares in the last quarter. Bellevue Group AG lifted its position in shares of Relay Therapeutics by 21.5% during the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock worth $65,356,000 after purchasing an additional 1,051,082 shares in the last quarter. BVF Inc. IL boosted its stake in shares of Relay Therapeutics by 67.8% in the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after purchasing an additional 1,604,240 shares during the period. Norges Bank purchased a new position in shares of Relay Therapeutics in the fourth quarter valued at $33,789,000. Finally, Finepoint Capital LP grew its holdings in Relay Therapeutics by 51.3% during the 4th quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock valued at $14,510,000 after purchasing an additional 447,000 shares in the last quarter. Institutional investors and hedge funds 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.