The Goldman Sachs Group Cuts Relay Therapeutics (NASDAQ:RLAY) Price Target to $18.00

Relay Therapeutics (NASDAQ:RLAY) had its price objective dropped by equities research analysts at The Goldman Sachs Group from $20.00 to $18.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 399.31% from the company’s current price.

Several other research firms also recently weighed in on RLAY. JMP Securities restated a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th. HC Wainwright restated a “buy” rating and issued a $16.00 price target on shares of Relay Therapeutics in a report on Tuesday, January 14th. Stifel Nicolaus lowered their price target on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Leerink Partners cut their price objective 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. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Relay Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $19.80.

Relay Therapeutics Stock Performance

Shares of NASDAQ:RLAY traded down $0.15 on Thursday, reaching $3.61. The company’s stock had a trading volume of 842,596 shares, compared to its average volume of 2,112,650. The company has a 50-day simple moving average of $4.33 and a 200 day simple moving average of $5.56. Relay Therapeutics has a 52-week low of $3.25 and a 52-week high of $10.72. The company has a market cap of $603.42 million, a P/E ratio of -1.39 and a beta of 1.61.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Wednesday, February 26th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.12. On average, equities research analysts forecast that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 36,036 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $4.63, for a total transaction 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 $1,218,569.70. The trade was a 12.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sanjiv Patel sold 100,000 shares of Relay Therapeutics stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $5.00, for a total value of $500,000.00. Following the transaction, the chief executive officer now owns 574,548 shares of the company’s stock, valued at approximately $2,872,740. This represents a 14.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 570,152 shares of company stock worth $2,491,157 over the last three months. Corporate insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC grew its position in Relay Therapeutics by 160.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock valued at $27,000 after buying an additional 4,000 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Relay Therapeutics during the 3rd quarter valued at about $63,000. Portland Investment Counsel Inc. purchased a new position in shares of Relay Therapeutics in the 3rd quarter valued at about $71,000. Stifel Financial Corp acquired a new position in Relay Therapeutics in the 4th quarter worth about $42,000. Finally, Twinbeech Capital LP acquired a new stake in Relay Therapeutics in the fourth quarter valued at approximately $42,000. 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.