Stifel Nicolaus Cuts Relay Therapeutics (NASDAQ:RLAY) Price Target to $23.00

Relay Therapeutics (NASDAQ:RLAY) had its target price reduced by Stifel Nicolaus from $27.00 to $23.00 in a research note released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

RLAY has been the topic of several other research reports. HC Wainwright reiterated a “buy” rating and issued a $16.00 price objective on shares of Relay Therapeutics in a report on Tuesday, January 14th. JMP Securities reiterated a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th. Finally, Leerink Partners decreased their price objective on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, December 4th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Relay Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $19.80.

Relay Therapeutics Stock Up 4.9 %

Shares of RLAY stock opened at $3.41 on Thursday. The business has a 50-day moving average price of $4.29 and a two-hundred day moving average price of $5.51. Relay Therapeutics has a 12-month low of $3.05 and a 12-month high of $10.72. The firm has a market cap of $570.78 million, a P/E ratio of -1.31 and a beta of 1.61.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.57) by $0.12. As a group, research analysts expect that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insider Activity at Relay Therapeutics

In related news, insider Peter Rahmer sold 17,250 shares of the business’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $4.42, for a total transaction of $76,245.00. Following the transaction, the insider now owns 402,431 shares in the company, valued at $1,778,745.02. The trade was a 4.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sanjiv Patel sold 100,000 shares of Relay Therapeutics stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $5.00, for a total value of $500,000.00. Following the sale, the chief executive officer now directly owns 574,548 shares in the company, valued at approximately $2,872,740. The trade was a 14.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 570,152 shares of company stock worth $2,491,157 in the last 90 days. Company insiders own 4.32% of the company’s stock.

Institutional Trading of Relay Therapeutics

Large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in Relay Therapeutics by 26.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,035,789 shares of the company’s stock valued at $7,333,000 after acquiring an additional 214,398 shares in the last quarter. Maven Securities LTD bought a new stake in Relay Therapeutics during the 3rd quarter valued at approximately $2,389,000. Geode Capital Management LLC boosted its position in Relay Therapeutics by 15.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock valued at $19,348,000 after acquiring an additional 367,473 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Relay Therapeutics by 39.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock valued at $39,064,000 after acquiring an additional 1,554,115 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in Relay Therapeutics by 3,883.8% during the 3rd quarter. Franklin Resources Inc. now owns 1,396,842 shares of the company’s stock valued at $9,429,000 after acquiring an additional 1,361,779 shares in the last quarter. 96.98% of the stock is owned by 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.