Stifel Nicolaus Reaffirms “Buy” Rating for Relay Therapeutics (NASDAQ:RLAY)

Relay Therapeutics (NASDAQ:RLAY)‘s stock had its “buy” rating reissued by Stifel Nicolaus in a research note issued to investors on Monday, Benzinga reports. They presently have a $28.00 price target on the stock. Stifel Nicolaus’ target price would suggest a potential upside of 250.00% from the company’s previous close.

A number of other brokerages also recently commented on RLAY. JMP Securities lowered their price target on shares of Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating for the company in a report on Thursday, July 18th. Jefferies Financial Group upgraded shares of Relay Therapeutics from a “hold” rating to a “buy” rating and upped their price target for the stock from $10.60 to $16.00 in a report on Tuesday, September 10th. HC Wainwright boosted their price objective on shares of Relay Therapeutics from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Monday. JPMorgan Chase & Co. reduced their target price 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. Finally, Oppenheimer downgraded Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Relay Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.11.

Relay Therapeutics Price Performance

Shares of NASDAQ RLAY opened at $8.00 on Monday. The stock has a market cap of $1.07 billion, a PE ratio of -3.03 and a beta of 1.64. Relay Therapeutics has a 1 year low of $5.70 and a 1 year high of $12.14. The firm has a fifty day moving average price of $7.54 and a 200-day moving average price of $7.37.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same period in the prior year, the firm earned ($0.81) EPS. On average, research analysts expect that Relay Therapeutics will post -2.86 EPS for the current year.

Insider Buying and Selling

In other Relay Therapeutics 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 value of $58,487.52. Following the completion of the sale, the chief financial officer now owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Relay Therapeutics news, CFO Thomas Catinazzo sold 9,373 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $6.24, for a total value of $58,487.52. Following the completion of the transaction, the chief financial officer now 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 is available at this link. Also, CEO Sanjiv Patel sold 36,706 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $9.07, for a total transaction of $332,923.42. Following the sale, the chief executive officer now directly owns 766,130 shares in the company, valued at $6,948,799.10. The disclosure for this sale can be found here. Insiders have sold a total of 84,738 shares of company stock worth $715,499 in the last ninety days. 4.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC acquired a new position in Relay Therapeutics in the 2nd quarter worth approximately $37,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Relay Therapeutics in the first quarter worth $79,000. Virtu Financial LLC acquired a new stake in shares of Relay Therapeutics in the first quarter worth $87,000. Victory Capital Management Inc. acquired a new position in Relay Therapeutics during the fourth quarter valued at $126,000. Finally, Quest Partners LLC purchased a new stake in Relay Therapeutics in the fourth quarter valued at $147,000. 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.