Analysts Set Relay Therapeutics, Inc. (NASDAQ:RLAY) PT at $19.80

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have been assigned a consensus rating of “Moderate Buy” from the ten research firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $19.80.

RLAY has been the topic of several research reports. Stifel Nicolaus dropped their price target on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Leerink Partners dropped their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, December 4th. JMP Securities reiterated a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a research note on Thursday, December 12th. The Goldman Sachs Group dropped their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, HC Wainwright restated a “buy” rating and issued a $16.00 price objective on shares of Relay Therapeutics in a report on Friday, March 7th.

Relay Therapeutics Trading Down 3.7 %

NASDAQ:RLAY opened at $2.62 on Thursday. The company has a 50-day moving average price of $3.80 and a 200-day moving average price of $4.93. The stock has a market cap of $444.15 million, a price-to-earnings ratio of -1.00 and a beta of 1.65. Relay Therapeutics has a 12 month low of $2.45 and a 12 month high of $10.72.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data 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 forecast that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insider Activity

In other news, CEO Sanjiv Patel sold 75,324 shares of the business’s 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 $3,267,429.30. The trade was a 7.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas Catinazzo sold 36,036 shares of the stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $4.63, for a total value of $166,846.68. Following the sale, the chief financial officer now directly owns 263,190 shares in the company, valued at $1,218,569.70. This trade represents a 12.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 470,150 shares of company stock worth $1,983,004 over the last 90 days. 4.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of RLAY. Thrivent Financial for Lutherans raised its holdings in shares of Relay Therapeutics by 33.7% during the third quarter. Thrivent Financial for Lutherans now owns 160,458 shares of the company’s stock valued at $1,137,000 after purchasing an additional 40,447 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Relay Therapeutics during the 3rd quarter valued at $256,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Relay Therapeutics by 26.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company’s stock valued at $7,333,000 after buying an additional 214,398 shares during the period. FMR LLC boosted its stake in shares of Relay Therapeutics by 27.4% in the 3rd quarter. FMR LLC now owns 89,772 shares of the company’s stock worth $636,000 after buying an additional 19,296 shares during the last quarter. Finally, Ally Bridge Group NY LLC bought a new stake in shares of Relay Therapeutics in the third quarter worth $4,432,000. 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.