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

Relay Therapeutics, Inc. (NASDAQ:RLAY) has received an average recommendation of “Moderate Buy” from the ten research firms that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $21.22.

Several research firms have weighed in on RLAY. The Goldman Sachs Group started coverage on Relay Therapeutics in a report on Tuesday, September 10th. They set a “buy” rating and a $20.00 target price on the stock. Oppenheimer cut Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the company from $10.60 to $16.00 in a research report on Tuesday, September 10th. Stifel Nicolaus reaffirmed a “buy” rating and set a $28.00 price objective on shares of Relay Therapeutics in a report on Monday, September 16th. Finally, HC Wainwright raised their target price on shares of Relay Therapeutics from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 8th.

Relay Therapeutics Stock Performance

NASDAQ:RLAY opened at $4.80 on Friday. The company has a market capitalization of $803.44 million, a P/E ratio of -1.84 and a beta of 1.67. The stock’s 50 day moving average price is $6.12 and its 200 day moving average price is $6.87. Relay Therapeutics has a 52 week low of $4.48 and a 52 week high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.77) by $0.14. During the same quarter last year, the business posted ($0.54) EPS. The business’s quarterly revenue was down 100.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Relay Therapeutics will post -2.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Thomas Catinazzo sold 6,802 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.06, for a total value of $41,220.12. Following the completion of the sale, the chief financial officer now owns 306,391 shares in the company, valued at approximately $1,856,729.46. This trade represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Several large investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. grew its holdings in shares of Relay Therapeutics by 3,883.8% during the 3rd quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock worth $9,429,000 after purchasing an additional 1,361,779 shares in the last quarter. Virtu Financial LLC acquired a new stake in Relay Therapeutics during the third quarter worth $333,000. Barclays PLC increased its holdings in Relay Therapeutics by 118.4% in the 3rd quarter. Barclays PLC now owns 251,819 shares of the company’s stock valued at $1,783,000 after buying an additional 136,541 shares during the period. Geode Capital Management LLC increased its holdings in Relay Therapeutics by 15.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock valued at $19,348,000 after buying an additional 367,473 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Relay Therapeutics in the 3rd quarter valued at $367,000. Institutional investors and hedge funds 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.