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

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have been given an average recommendation of “Moderate Buy” by the twelve research firms that are presently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $17.67.

Several research analysts have issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $16.00 price objective on shares of Relay Therapeutics in a report on Friday, March 7th. Stifel Nicolaus reduced their price objective on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Guggenheim reduced their price objective on Relay Therapeutics from $30.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. The Goldman Sachs Group reduced their price objective on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, Wells Fargo & Company assumed coverage on Relay Therapeutics in a report on Thursday, April 17th. They set an “equal weight” rating and a $4.00 price objective on the stock.

Insider Activity

In related news, insider Peter Rahmer sold 10,739 shares of the firm’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total transaction of $32,217.00. Following the sale, the insider now owns 390,081 shares of the company’s stock, valued at approximately $1,170,243. This trade represents a 2.68% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sanjiv Patel sold 61,422 shares of the firm’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $2.97, for a total value of $182,423.34. Following the sale, the chief executive officer now directly owns 821,667 shares in the company, valued at $2,440,350.99. The trade was a 6.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 94,320 shares of company stock valued at $280,981 in the last 90 days. 4.87% of the stock is owned by company insiders.

Institutional Trading of Relay Therapeutics

Several hedge funds have recently added to or reduced their stakes in RLAY. Murchinson Ltd. acquired a new stake in shares of Relay Therapeutics in the 1st quarter valued at about $26,000. Steward Partners Investment Advisory LLC raised its stake in shares of Relay Therapeutics by 160.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock valued at $27,000 after purchasing an additional 4,000 shares during the period. DRW Securities LLC acquired a new stake in shares of Relay Therapeutics in the 1st quarter valued at about $28,000. AssuredPartners Investment Advisors LLC acquired a new stake in shares of Relay Therapeutics in the 1st quarter valued at about $29,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Relay Therapeutics in the 1st quarter valued at about $41,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Relay Therapeutics Price Performance

Shares of RLAY opened at $3.05 on Friday. The company has a market capitalization of $522.91 million, a P/E ratio of -1.17 and a beta of 1.65. Relay Therapeutics has a one year low of $1.78 and a one year high of $10.72. The business’s 50 day simple moving average is $2.85 and its 200-day simple moving average is $3.90.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Monday, May 5th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.04. The business had revenue of $7.68 million during the quarter, compared to analyst estimates of $0.01 million. During the same period in the previous year, the firm earned ($0.62) earnings per share. The firm’s revenue was down 23.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

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.