Relay Therapeutics (NASDAQ:RLAY) Stock Price Up 10.1%

Relay Therapeutics, Inc. (NASDAQ:RLAY) was up 10.1% during trading on Monday . The company traded as high as $7.10 and last traded at $7.10. Approximately 462,907 shares changed hands during trading, a decline of 62% from the average daily volume of 1,202,975 shares. The stock had previously closed at $6.45.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on RLAY shares. HC Wainwright decreased their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. JPMorgan Chase & Co. reduced their price objective on shares of Relay Therapeutics from $29.00 to $23.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. JMP Securities reduced their price objective on shares of Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 18th. Oppenheimer reduced their price objective on shares of Relay Therapeutics from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, Barclays reduced their price objective on shares of Relay Therapeutics from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Relay Therapeutics has an average rating of “Buy” and an average target price of $21.67.

Relay Therapeutics Price Performance

The firm has a market capitalization of $984.95 million, a P/E ratio of -2.81 and a beta of 1.66. The stock’s fifty day simple moving average is $7.38 and its 200 day simple moving average is $7.71.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.73) by $0.04. During the same quarter last year, the company posted ($0.81) EPS. As a group, sell-side analysts forecast that Relay Therapeutics, Inc. will post -2.91 EPS for the current fiscal year.

Insider Activity at Relay Therapeutics

In related news, insider Peter Rahmer sold 19,864 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $6.47, for a total value of $128,520.08. Following the sale, the insider now owns 493,470 shares in the company, valued at $3,192,750.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Relay Therapeutics news, CEO Sanjiv Patel sold 36,706 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $9.07, for a total value of $332,923.42. Following the sale, the chief executive officer now owns 766,130 shares in the company, valued at approximately $6,948,799.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Peter Rahmer sold 19,864 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $6.47, for a total value of $128,520.08. Following the transaction, the insider now owns 493,470 shares in the company, valued at approximately $3,192,750.90. The disclosure for this sale can be found here. Insiders have sold a total of 125,052 shares of company stock worth $988,396 over the last quarter. Insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors have recently added to or reduced their stakes in RLAY. New York State Common Retirement Fund lifted its holdings in Relay Therapeutics by 3.2% in the 4th quarter. New York State Common Retirement Fund now owns 36,678 shares of the company’s stock valued at $404,000 after purchasing an additional 1,127 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in Relay Therapeutics by 5.7% in the 4th quarter. Handelsbanken Fonder AB now owns 29,500 shares of the company’s stock valued at $325,000 after buying an additional 1,600 shares during the period. American International Group Inc. raised its holdings in Relay Therapeutics by 4.0% in the 1st quarter. American International Group Inc. now owns 46,686 shares of the company’s stock valued at $387,000 after buying an additional 1,810 shares during the period. Congress Asset Management Co. MA grew its position in Relay Therapeutics by 1.4% in the 1st quarter. Congress Asset Management Co. MA now owns 149,082 shares of the company’s stock valued at $1,237,000 after acquiring an additional 2,108 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its position in Relay Therapeutics by 25.7% in the 1st quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after acquiring an additional 2,850 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.