Relay Therapeutics (NASDAQ:RLAY) Stock Price Up 4.8% – Time to Buy?

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price rose 4.8% during trading on Wednesday . The stock traded as high as $4.88 and last traded at $4.84. Approximately 1,385,502 shares traded hands during mid-day trading, a decline of 3% from the average daily volume of 1,432,126 shares. The stock had previously closed at $4.62.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RLAY. HC Wainwright cut their target price on Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, December 4th. Stifel Nicolaus restated a “buy” rating and issued a $28.00 price target on shares of Relay Therapeutics in a research note on Monday, September 16th. Leerink Partners reduced their price objective on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. Finally, JMP Securities restated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research report on Thursday, December 12th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Relay Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Relay Therapeutics Price Performance

The company has a market cap of $744.85 million, a P/E ratio of -1.70 and a beta of 1.60. The firm’s 50-day moving average is $4.81 and its two-hundred day moving average is $6.32.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.14. During the same quarter in the prior year, the company earned ($0.54) earnings per share. The business’s revenue was down 100.0% compared to the same quarter last year. As a group, sell-side analysts expect that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Buying and Selling at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 6,802 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.06, for a total value of $41,220.12. Following the sale, the chief financial officer now owns 306,391 shares of the company’s stock, valued at approximately $1,856,729.46. This represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Peter Rahmer sold 16,576 shares of Relay Therapeutics stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $4.45, for a total transaction of $73,763.20. Following the transaction, the insider now directly owns 308,754 shares of the company’s stock, valued at approximately $1,373,955.30. This represents a 5.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 162,319 shares of company stock worth $781,067 over the last ninety days. Company insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its holdings in Relay Therapeutics by 39.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock valued at $39,064,000 after acquiring an additional 1,554,115 shares during the period. Exome Asset Management LLC purchased a new stake in shares of Relay Therapeutics during the third quarter valued at $2,936,000. Franklin Resources Inc. grew its holdings in shares of Relay Therapeutics by 3,883.8% in the third 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 during the last quarter. Virtu Financial LLC purchased a new position in Relay Therapeutics in the 3rd quarter worth about $333,000. Finally, Barclays PLC lifted its holdings in Relay Therapeutics by 118.4% during 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 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.