Relay Therapeutics (NASDAQ:RLAY) Coverage Initiated at JPMorgan Chase & Co.

Analysts at JPMorgan Chase & Co. assumed coverage on shares of Relay Therapeutics (NASDAQ:RLAY) in a research note issued on Wednesday,Benzinga reports. The firm set an “overweight” rating and a $28.00 price target on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 41.84% from the company’s previous close.

Several other research firms have also recently issued reports on RLAY. Barclays raised their price objective on shares of Relay Therapeutics from $21.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Relay Therapeutics in a research note on Monday. Citizens Jmp raised their price target on shares of Relay Therapeutics from $19.00 to $21.00 and gave the stock a “market outperform” rating in a report on Wednesday, May 20th. Oppenheimer lifted their price target on shares of Relay Therapeutics from $14.00 to $18.00 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Finally, UBS Group set a $26.00 price objective on Relay Therapeutics in a research report on Tuesday, May 19th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Relay Therapeutics presently has an average rating of “Buy” and a consensus price target of $23.73.

Relay Therapeutics Price Performance

RLAY stock opened at $19.74 on Wednesday. Relay Therapeutics has a 1 year low of $3.03 and a 1 year high of $20.20. The firm has a market capitalization of $3.78 billion, a PE ratio of -12.57 and a beta of 1.67. The business has a 50 day simple moving average of $14.91 and a 200-day simple moving average of $11.72.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Tuesday, May 5th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.06). The business had revenue of $3.00 million during the quarter, compared to the consensus estimate of $5.58 million. On average, equities research analysts expect that Relay Therapeutics will post -1.55 EPS for the current year.

Insiders Place Their Bets

In other news, insider Donald A. Bergstrom sold 93,456 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $16.94, for a total transaction of $1,583,144.64. Following the completion of the transaction, the insider directly owned 418,557 shares of the company’s stock, valued at approximately $7,090,355.58. The trade was a 18.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Thomas Catinazzo sold 187,163 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $16.97, for a total transaction of $3,176,156.11. Following the sale, the chief financial officer owned 177,461 shares in the company, valued at $3,011,513.17. The trade was a 51.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 353,351 shares of company stock worth $6,016,191 in the last quarter. 5.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several large investors have recently bought and sold shares of the business. SG Americas Securities LLC boosted its position in shares of Relay Therapeutics by 591.7% during the 4th quarter. SG Americas Securities LLC now owns 220,949 shares of the company’s stock worth $1,869,000 after acquiring an additional 189,004 shares in the last quarter. Tudor Investment Corp ET AL acquired a new stake in shares of Relay Therapeutics during the 3rd quarter worth about $399,000. Sanctuary Advisors LLC acquired a new stake in shares of Relay Therapeutics during the 4th quarter worth about $1,203,000. Commodore Capital LP lifted its stake in Relay Therapeutics by 27.3% during the third quarter. Commodore Capital LP now owns 17,000,000 shares of the company’s stock worth $88,740,000 after purchasing an additional 3,650,000 shares during the last quarter. Finally, Mayport LLC acquired a new position in Relay Therapeutics in the third quarter valued at approximately $259,000. Hedge funds and other institutional investors own 96.98% of the company’s stock.

About Relay Therapeutics

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of precision therapies for oncology. Headquartered in Cambridge, Massachusetts, the company was founded in 2016 with the goal of targeting dynamic protein motion using an integrated scientific platform. Relay Therapeutics leverages computational modeling, structural biology, and experimental validation to identify small-molecule drug candidates that modulate the behavior of disease-associated proteins.

The company’s core business activity centers on its proprietary drug-discovery engine, which combines high-performance computing—including molecular dynamics simulations—with advanced experimental techniques such as cryo-electron microscopy and biophysical screening.