JPMorgan Chase & Co. Lowers Relay Therapeutics (NASDAQ:RLAY) Price Target to $21.00

Relay Therapeutics (NASDAQ:RLAY) had its price objective decreased by JPMorgan Chase & Co. from $23.00 to $21.00 in a report published on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other analysts have also recently commented on the company. Jefferies Financial Group raised Relay Therapeutics from a hold rating to a buy rating and lifted their price target for the stock from $10.60 to $16.00 in a research report on Tuesday. HC Wainwright decreased their target price on Relay Therapeutics from $20.00 to $18.00 and set a buy rating for the company in a report on Wednesday, July 17th. Barclays cut their price target on shares of Relay Therapeutics from $15.00 to $14.00 and set an overweight rating on the stock in a report on Friday, July 26th. The Goldman Sachs Group started coverage on shares of Relay Therapeutics in a research note on Tuesday. They set a buy rating and a $20.00 price objective for the company. Finally, Oppenheimer lowered shares of Relay Therapeutics from an outperform rating to a market perform rating in a research note on Tuesday. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $21.22.

Relay Therapeutics Stock Down 1.7 %

Shares of Relay Therapeutics stock opened at $7.62 on Tuesday. The company has a 50 day moving average price of $7.52 and a 200 day moving average price of $7.43. The firm has a market capitalization of $1.02 billion, a P/E ratio of -2.89 and a beta of 1.64. Relay Therapeutics has a 52 week low of $5.70 and a 52 week high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter in the previous year, the firm posted ($0.81) earnings per share. As a group, research analysts anticipate that Relay Therapeutics will post -2.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Relay Therapeutics news, insider Peter Rahmer sold 13,523 shares of Relay Therapeutics stock in a transaction on Monday, July 29th. The shares were sold at an average price of $8.54, for a total value of $115,486.42. Following the completion of the transaction, the insider now owns 420,765 shares of the company’s stock, valued at $3,593,333.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Thomas Catinazzo sold 10,780 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $8.56, for a total transaction of $92,276.80. Following the completion of the transaction, the chief financial officer now directly owns 319,650 shares of the company’s stock, valued at approximately $2,736,204. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Peter Rahmer sold 13,523 shares of Relay Therapeutics stock in a transaction on Monday, July 29th. The shares were sold at an average price of $8.54, for a total transaction of $115,486.42. Following the completion of the sale, the insider now directly owns 420,765 shares in the company, valued at approximately $3,593,333.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,738 shares of company stock valued at $715,499. Corporate insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Large investors have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund increased its stake in shares of Relay Therapeutics by 3.2% during the fourth quarter. New York State Common Retirement Fund now owns 36,678 shares of the company’s stock worth $404,000 after purchasing an additional 1,127 shares in the last quarter. American International Group Inc. boosted 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 worth $387,000 after buying an additional 1,810 shares during the last quarter. Congress Asset Management Co. MA increased its stake in Relay Therapeutics by 1.4% during the 1st quarter. Congress Asset Management Co. MA now owns 149,082 shares of the company’s stock worth $1,237,000 after buying an additional 2,108 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of Relay Therapeutics by 25.7% during the first 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 during the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of Relay Therapeutics by 14.9% in the first quarter. ProShare Advisors LLC now owns 26,214 shares of the company’s stock valued at $218,000 after acquiring an additional 3,394 shares in the last quarter. 96.98% of the stock is currently owned by institutional investors and hedge funds.

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.