Relay Therapeutics (NASDAQ:RLAY) Rating Lowered to Market Perform at Oppenheimer

Oppenheimer downgraded shares of Relay Therapeutics (NASDAQ:RLAY) from an outperform rating to a market perform rating in a report released on Tuesday morning, Marketbeat reports.

Other analysts have also issued research reports about the stock. JMP Securities lowered their price target on shares of Relay Therapeutics from $24.00 to $21.00 and set a market outperform rating for the company in a report on Thursday, July 18th. HC Wainwright lowered their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a buy rating for the company in a report on Wednesday, July 17th. Jefferies Financial Group raised shares of Relay Therapeutics from a hold rating to a buy rating and raised their price objective for the company from $10.60 to $16.00 in a research note on Tuesday. Barclays reduced their price objective on shares of Relay Therapeutics from $15.00 to $14.00 and set an overweight rating on the stock in a research note on Friday, July 26th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Relay Therapeutics from $29.00 to $23.00 and set an overweight rating on the stock in a research note on Wednesday, August 7th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $21.22.

Relay Therapeutics Trading Down 0.3 %

NASDAQ RLAY opened at $7.60 on Tuesday. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -2.88 and a beta of 1.64. The company has a 50 day moving average of $7.54 and a 200-day moving average of $7.41. Relay Therapeutics has a 1-year low of $5.70 and a 1-year high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.73) by $0.04. During the same quarter last year, the business posted ($0.81) EPS. On average, analysts forecast that Relay Therapeutics will post -2.9 earnings per share for the current year.

Insider Buying and Selling

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 sale, the chief financial officer now directly owns 330,430 shares in the company, valued at $2,061,883.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of Relay Therapeutics stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total value of $112,268.52. Following the sale, the insider now directly owns 391,929 shares in the company, valued at approximately $3,209,898.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas Catinazzo sold 9,373 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was 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 disclosure for this sale can be found here. Insiders have sold a total of 84,738 shares of company stock worth $715,499 over the last ninety days. Company insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. New York State Common Retirement Fund boosted its holdings in shares of Relay Therapeutics by 3.2% during the 4th quarter. New York State Common Retirement Fund now owns 36,678 shares of the company’s stock worth $404,000 after buying an additional 1,127 shares during the period. American International Group Inc. boosted its holdings in shares of Relay Therapeutics by 4.0% during the 1st quarter. American International Group Inc. now owns 46,686 shares of the company’s stock worth $387,000 after buying an additional 1,810 shares during the period. Congress Asset Management Co. MA boosted its holdings in Relay Therapeutics by 1.4% in the 1st quarter. Congress Asset Management Co. MA now owns 149,082 shares of the company’s stock valued at $1,237,000 after purchasing an additional 2,108 shares during the period. Los Angeles Capital Management LLC boosted its holdings in Relay Therapeutics by 25.7% in the 1st quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after purchasing an additional 2,850 shares during the period. Finally, ProShare Advisors LLC boosted its holdings in Relay Therapeutics by 14.9% in the 1st quarter. ProShare Advisors LLC now owns 26,214 shares of the company’s stock valued at $218,000 after purchasing an additional 3,394 shares during the period. Institutional investors 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.