Relay Therapeutics (NASDAQ:RLAY) PT Lowered to $23.00

Relay Therapeutics (NASDAQ:RLAY) had its price objective lowered by JPMorgan Chase & Co. from $29.00 to $23.00 in a report published on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

Other equities analysts have also issued research reports about the stock. Barclays dropped their target price on shares of Relay Therapeutics from $15.00 to $14.00 and set an overweight rating on the stock in a report on Friday, July 26th. JMP Securities lowered their target price on shares of Relay Therapeutics from $24.00 to $21.00 and set a market outperform rating on the stock in a report on Thursday, July 18th. HC Wainwright lowered their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a buy rating on the stock in a report on Wednesday, July 17th. Finally, Oppenheimer lowered their target price on shares of Relay Therapeutics from $25.00 to $24.00 and set an outperform rating on the stock in a report on Wednesday. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of Buy and an average target price of $21.67.

Relay Therapeutics Stock Down 1.5 %

Relay Therapeutics stock traded down $0.10 during mid-day trading on Wednesday, hitting $6.70. 1,010,104 shares of the company’s stock were exchanged, compared to its average volume of 1,237,722. The firm has a market capitalization of $889.36 million, a P/E ratio of -2.54 and a beta of 1.66. Relay Therapeutics has a fifty-two week low of $5.70 and a fifty-two week high of $12.14. The company’s 50 day simple moving average is $7.47 and its 200-day simple moving average is $7.86.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.73) by $0.04. During the same quarter last year, the company earned ($0.81) EPS. Research analysts expect that Relay Therapeutics will post -2.83 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Thomas Catinazzo sold 9,373 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $6.24, for a total transaction of $58,487.52. Following the transaction, the chief financial officer now owns 330,430 shares in the company, valued at $2,061,883.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Thomas Catinazzo sold 9,373 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $6.24, for a total transaction of $58,487.52. Following the completion of the transaction, the chief financial officer now directly owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Rahmer sold 19,864 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $6.47, for a total transaction of $128,520.08. Following the transaction, the insider now owns 493,470 shares of the company’s stock, valued at approximately $3,192,750.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 125,052 shares of company stock valued at $988,396. Insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Relay Therapeutics by 10.9% in the 1st quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock valued at $98,070,000 after purchasing an additional 1,165,282 shares during the period. Bellevue Group AG increased its holdings in Relay Therapeutics by 21.5% in the 4th quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock worth $65,356,000 after acquiring an additional 1,051,082 shares in the last quarter. BVF Inc. IL grew its holdings in shares of Relay Therapeutics by 67.8% during the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock worth $43,710,000 after buying an additional 1,604,240 shares in the last quarter. Norges Bank purchased a new stake in shares of Relay Therapeutics during the fourth quarter worth $33,789,000. Finally, Finepoint Capital LP grew its holdings in shares of Relay Therapeutics by 51.3% during the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock worth $14,510,000 after buying an additional 447,000 shares in the last quarter. Hedge funds and other institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Company Profile

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.