Relay Therapeutics (NASDAQ:RLAY) Shares Up 6.1% – Here’s Why

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price rose 6.1% during mid-day trading on Thursday . The stock traded as high as $3.01 and last traded at $3.04. Approximately 951,107 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 1,825,662 shares. The stock had previously closed at $2.86.

Wall Street Analysts Forecast Growth

RLAY has been the subject of several research analyst reports. Leerink Partners cut their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, December 4th. Stifel Nicolaus reduced their target price on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. JMP Securities restated a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a research note on Thursday, December 12th. The Goldman Sachs Group cut their price target on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, HC Wainwright reissued a “buy” rating and set a $16.00 price objective on shares of Relay Therapeutics in a report on Friday, March 7th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.80.

Relay Therapeutics Trading Up 4.9 %

The firm has a market capitalization of $508.74 million, a price-to-earnings ratio of -1.15 and a beta of 1.65. The stock has a fifty day moving average price of $3.90 and a 200-day moving average price of $5.07.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($0.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.57) by $0.12. On average, equities analysts expect that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 75,324 shares of Relay Therapeutics stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $3.70, for a total value of $278,698.80. Following the completion of the transaction, the chief executive officer now owns 883,089 shares in the company, valued at approximately $3,267,429.30. The trade was a 7.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas Catinazzo sold 36,036 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $4.63, for a total value of $166,846.68. Following the completion of the transaction, the chief financial officer now directly owns 263,190 shares in the company, valued at approximately $1,218,569.70. This represents a 12.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 470,152 shares of company stock worth $1,991,157 over the last ninety days. Corporate insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Steward Partners Investment Advisory LLC raised its stake in shares of Relay Therapeutics by 160.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock worth $27,000 after acquiring an additional 4,000 shares during the last quarter. Stifel Financial Corp acquired a new stake in shares of Relay Therapeutics in the fourth quarter valued at approximately $42,000. Twinbeech Capital LP bought a new position in Relay Therapeutics in the 4th quarter worth approximately $42,000. Cibc World Markets Corp acquired a new position in Relay Therapeutics during the 4th quarter worth $47,000. Finally, Summit Investment Advisors Inc. lifted its holdings in Relay Therapeutics by 41.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company’s stock worth $52,000 after buying an additional 3,760 shares in the last quarter. 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.