Relay Therapeutics (NASDAQ:RLAY) Shares Up 6.7%

Relay Therapeutics, Inc. (NASDAQ:RLAY) traded up 6.7% on Tuesday . The company traded as high as $9.39 and last traded at $9.39. 360,995 shares changed hands during trading, a decline of 71% from the average session volume of 1,234,029 shares. The stock had previously closed at $8.80.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Oppenheimer restated an “outperform” rating and set a $25.00 price objective (down from $33.00) on shares of Relay Therapeutics in a research note on Monday, May 6th. HC Wainwright reduced their target price on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Barclays raised Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 target price on the stock in a research report on Friday, May 10th. Finally, JMP Securities reduced their target price on 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. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $21.80.

Relay Therapeutics Price Performance

The business has a fifty day moving average price of $7.29 and a two-hundred day moving average price of $8.13. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of -3.43 and a beta of 1.66.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings data 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 firm had revenue of $10.01 million during the quarter, compared to analyst estimates of $0.12 million. The firm’s revenue for the quarter was up 4327.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.78) earnings per share. On average, research analysts predict that Relay Therapeutics, Inc. will post -2.81 earnings per share for the current year.

Insider Activity

In related news, CFO Thomas Catinazzo sold 9,373 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $6.24, for a total transaction of $58,487.52. Following the sale, the chief financial officer now directly owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Thomas Catinazzo sold 9,373 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $6.24, for a total transaction of $58,487.52. Following the sale, the chief financial officer now directly owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Peter Rahmer sold 20,450 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $7.06, for a total value of $144,377.00. Following the sale, the insider now directly owns 432,425 shares in the company, valued at $3,052,920.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 53,375 shares of company stock valued at $354,836. Company insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of RLAY. New York State Common Retirement Fund boosted its position in 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. Handelsbanken Fonder AB boosted its position in Relay Therapeutics by 5.7% during the fourth quarter. Handelsbanken Fonder AB now owns 29,500 shares of the company’s stock worth $325,000 after purchasing an additional 1,600 shares in the last quarter. American International Group Inc. boosted its position in Relay Therapeutics by 4.0% during the first quarter. American International Group Inc. now owns 46,686 shares of the company’s stock worth $387,000 after purchasing an additional 1,810 shares in the last quarter. Congress Asset Management Co. MA lifted its position in shares of Relay Therapeutics by 1.4% in the first 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 lifted its position in shares of Relay Therapeutics by 25.7% in 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 in the last quarter. 96.98% of the stock is 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.