Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have received a consensus rating of “Moderate Buy” from the ten brokerages that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $19.80.

Several research analysts recently commented on RLAY shares. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a research report on Tuesday, January 14th. The Goldman Sachs Group reduced their target price on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a research report on Thursday, December 12th. Leerink Partners reduced their target price on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, December 4th. Finally, Stifel Nicolaus reduced their target price on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, February 27th.

Relay Therapeutics Trading Up 2.7 %

RLAY opened at $3.48 on Friday. Relay Therapeutics has a 1-year low of $3.02 and a 1-year high of $10.72. The stock has a market capitalization of $589.94 million, a price-to-earnings ratio of -1.33 and a beta of 1.65. The business has a 50 day moving average of $4.21 and a 200-day moving average of $5.43.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.57) by $0.12. Equities analysts predict that Relay Therapeutics will post -2.55 EPS for the current year.

Insiders Place Their Bets

In other news, insider Peter Rahmer sold 32,156 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $4.15, for a total value of $133,447.40. Following the completion of the sale, the insider now directly owns 357,507 shares in the company, valued at approximately $1,483,654.05. This trade represents a 8.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sanjiv Patel sold 100,000 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now owns 574,548 shares of the company’s stock, valued at approximately $2,872,740. This trade represents a 14.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 570,152 shares of company stock worth $2,491,157 over the last three months. 4.32% of the stock is currently owned by corporate insiders.

Institutional Trading of Relay Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its stake in shares of Relay Therapeutics by 6.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 41,203 shares of the company’s stock valued at $292,000 after buying an additional 2,547 shares in the last quarter. Martingale Asset Management L P increased its stake in shares of Relay Therapeutics by 3.5% in the fourth quarter. Martingale Asset Management L P now owns 80,371 shares of the company’s stock valued at $331,000 after buying an additional 2,700 shares in the last quarter. Virtus ETF Advisers LLC boosted its holdings in Relay Therapeutics by 26.2% in the fourth quarter. Virtus ETF Advisers LLC now owns 14,873 shares of the company’s stock valued at $61,000 after acquiring an additional 3,092 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Relay Therapeutics by 1.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 218,872 shares of the company’s stock valued at $902,000 after acquiring an additional 3,325 shares during the last quarter. Finally, Summit Investment Advisors Inc. boosted its holdings in Relay Therapeutics by 41.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company’s stock valued at $52,000 after acquiring an additional 3,760 shares during 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.