Relay Therapeutics (NASDAQ:RLAY) Trading 4.8% Higher – Still a Buy?

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

Analysts Set New Price Targets

Several analysts recently weighed in on the company. HC Wainwright dropped their price target on Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating for the company 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. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and boosted their price target for the company from $10.60 to $16.00 in a research note on Tuesday, September 10th. Barclays boosted their price target on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.50.

Relay Therapeutics Stock Performance

The stock’s fifty day simple moving average is $4.87 and its two-hundred day simple moving average is $6.36. The stock has a market capitalization of $808.46 million, a P/E ratio of -1.85 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY) last announced its 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. The business’s revenue was down 100.0% on a year-over-year basis. During the same period last year, the company earned ($0.54) EPS. As a group, analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In related news, insider Peter Rahmer sold 16,576 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $4.45, for a total transaction of $73,763.20. Following the completion of the sale, the insider now owns 308,754 shares of the company’s stock, valued at $1,373,955.30. This trade represents a 5.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Thomas Catinazzo sold 6,802 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 162,319 shares of company stock valued at $781,067. 4.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Relay Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its stake in shares of Relay Therapeutics by 15.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 354,667 shares of the company’s stock valued at $2,312,000 after buying an additional 48,219 shares during the period. Rhumbline Advisers increased its stake in Relay Therapeutics by 4.8% during the 2nd quarter. Rhumbline Advisers now owns 163,895 shares of the company’s stock valued at $1,069,000 after purchasing an additional 7,508 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Relay Therapeutics by 11.2% during the second quarter. Victory Capital Management Inc. now owns 76,539 shares of the company’s stock worth $499,000 after buying an additional 7,680 shares during the last quarter. Candriam S.C.A. increased its position in shares of Relay Therapeutics by 38.4% during the second quarter. Candriam S.C.A. now owns 703,429 shares of the company’s stock worth $4,586,000 after acquiring an additional 195,000 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its holdings in shares of Relay Therapeutics by 661.7% in the 2nd quarter. Los Angeles Capital Management LLC now owns 106,169 shares of the company’s stock worth $692,000 after acquiring an additional 92,230 shares during the last quarter. 96.98% of the stock is owned by institutional investors.

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.