Relay Therapeutics (NASDAQ:RLAY) Trading 6.8% Higher – Here’s Why

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) shot up 6.8% during trading on Wednesday . The stock traded as high as $4.98 and last traded at $4.98. 777,631 shares traded hands during trading, a decline of 76% from the average session volume of 3,200,997 shares. The stock had previously closed at $4.66.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. HC Wainwright reaffirmed a “buy” rating and set a $16.00 price target on shares of Relay Therapeutics in a research report on Tuesday, January 14th. Leerink Partners lowered their price objective on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, December 4th. Finally, JMP Securities reissued a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a research note on Thursday, December 12th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Relay Therapeutics Stock Performance

The stock has a 50 day moving average price of $4.58 and a 200 day moving average price of $6.22. The company has a market cap of $822.67 million, a P/E ratio of -1.88 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.77) by $0.14. During the same quarter in the previous year, the firm earned ($0.54) EPS. The company’s revenue was down 100.0% compared to the same quarter last year. As a group, equities research analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Insider Buying and Selling

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of Relay Therapeutics 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 transaction, the chief financial officer now directly owns 306,391 shares in the company, valued at approximately $1,856,729.46. The trade was a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Peter Rahmer sold 16,576 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $4.45, for a total transaction of $73,763.20. Following the sale, the insider now owns 308,754 shares in the company, valued at approximately $1,373,955.30. The trade was a 5.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 162,319 shares of company stock valued at $781,067 over the last three months. 4.32% of the stock is owned by corporate insiders.

Institutional Trading of Relay Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of RLAY. Eventide Asset Management LLC bought a new stake in shares of Relay Therapeutics during the third quarter worth about $18,989,000. Walleye Capital LLC increased its stake in Relay Therapeutics by 6,659.2% during the 3rd quarter. Walleye Capital LLC now owns 1,819,983 shares of the company’s stock valued at $12,885,000 after purchasing an additional 1,793,057 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Relay Therapeutics by 39.2% during the third quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock valued at $39,064,000 after buying an additional 1,554,115 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Relay Therapeutics by 3,883.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock worth $9,429,000 after buying an additional 1,361,779 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of Relay Therapeutics in the 3rd quarter worth about $9,554,000. 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.