Relay Therapeutics’ (RLAY) Market Outperform Rating Reaffirmed at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Relay Therapeutics (NASDAQ:RLAY) in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a $21.00 price objective on the stock.

RLAY has been the subject of a number of other reports. Leerink Partners dropped their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. Oppenheimer downgraded Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. decreased their target price on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 10th. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and upped their target price for the company from $10.60 to $16.00 in a report on Tuesday, September 10th. Finally, Barclays lifted their price target on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Relay Therapeutics Stock Performance

Relay Therapeutics stock opened at $4.78 on Thursday. The stock’s 50 day moving average price is $5.62 and its 200 day moving average price is $6.71. Relay Therapeutics has a 1-year low of $4.25 and a 1-year high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.77) by $0.14. The business’s revenue was down 100.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.54) EPS. As a group, sell-side analysts forecast that Relay Therapeutics will post -2.56 EPS for the current fiscal year.

Insider Activity at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 6,802 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.06, for a total value of $41,220.12. Following the completion of the transaction, the chief financial officer now owns 306,391 shares of the company’s stock, valued at $1,856,729.46. The trade was a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. boosted its holdings in shares of Relay Therapeutics by 3,883.8% during the third quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock worth $9,429,000 after purchasing an additional 1,361,779 shares during the last quarter. Virtu Financial LLC acquired a new position in Relay Therapeutics in the third quarter valued at $333,000. Barclays PLC lifted its position in Relay Therapeutics by 118.4% during the third quarter. Barclays PLC now owns 251,819 shares of the company’s stock worth $1,783,000 after buying an additional 136,541 shares during the period. Geode Capital Management LLC boosted its stake in Relay Therapeutics by 15.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock worth $19,348,000 after buying an additional 367,473 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Relay Therapeutics in the 3rd quarter valued at about $367,000. 96.98% of the stock is owned by hedge funds and other institutional investors.

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.