Analysts Set Relay Therapeutics, Inc. (NASDAQ:RLAY) PT at $20.50

Relay Therapeutics, Inc. (NASDAQ:RLAY) has earned an average rating of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $20.50.

A number of analysts have commented on RLAY shares. JMP Securities restated a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a research report on Thursday, December 12th. Stifel Nicolaus reaffirmed a “buy” rating and set a $28.00 price target on shares of Relay Therapeutics in a research note on Monday, September 16th. Barclays boosted their price objective on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Oppenheimer cut Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 10th.

Relay Therapeutics Price Performance

Shares of RLAY stock opened at $4.16 on Tuesday. Relay Therapeutics has a 12-month low of $4.11 and a 12-month high of $12.14. The firm has a market capitalization of $696.31 million, a price-to-earnings ratio of -1.59 and a beta of 1.59. The business has a 50 day simple moving average of $5.38 and a 200 day simple moving average of $6.62.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.77) by $0.14. During the same period in the prior year, the firm posted ($0.54) earnings per share. The firm’s quarterly revenue was down 100.0% on a year-over-year basis. On average, equities analysts anticipate that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.06, for a total transaction of $41,220.12. Following the completion of the sale, the chief financial officer now directly owns 306,391 shares in the company, valued at approximately $1,856,729.46. This trade represents a 2.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sanjiv Patel sold 100,000 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $5.00, for a total value of $500,000.00. Following the completion of the transaction, the chief executive officer now owns 574,548 shares in the company, valued at $2,872,740. This represents a 14.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,423 shares of company stock valued at $551,043 over the last quarter. Company insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Eventide Asset Management LLC acquired a new stake in Relay Therapeutics during the third quarter valued at $18,989,000. Walleye Capital LLC raised its stake in shares of Relay Therapeutics by 6,659.2% during the 3rd quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock worth $12,885,000 after purchasing an additional 1,793,057 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Relay Therapeutics by 3,883.8% during the 3rd quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock valued at $9,429,000 after buying an additional 1,361,779 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Relay Therapeutics in the 3rd quarter valued at approximately $9,554,000. Finally, Logos Global Management LP acquired a new position in Relay Therapeutics in the second quarter worth approximately $8,476,000. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

Relay Therapeutics Company Profile

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.