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

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have received a consensus recommendation of “Moderate Buy” from the ten ratings firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $19.80.

RLAY has been the topic of a number of research analyst reports. JMP Securities reiterated a “market outperform” rating and set a $21.00 target price on shares of Relay Therapeutics in a research report on Thursday, December 12th. Leerink Partners decreased their price objective on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. Stifel Nicolaus cut their target price on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. The Goldman Sachs Group decreased their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Finally, HC Wainwright restated a “buy” rating and issued a $16.00 price objective on shares of Relay Therapeutics in a research note on Friday, March 7th.

Relay Therapeutics Price Performance

NASDAQ:RLAY opened at $2.49 on Thursday. Relay Therapeutics has a 12 month low of $2.36 and a 12 month high of $10.72. The firm has a market capitalization of $422.11 million, a PE ratio of -0.95 and a beta of 1.65. The business’s fifty day moving average price is $3.71 and its 200 day moving average price is $4.87.

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

Insider Buying and Selling

In other news, CEO Sanjiv Patel sold 75,324 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $3.70, for a total transaction of $278,698.80. Following the completion of the transaction, the chief executive officer now directly owns 883,089 shares of the company’s stock, valued at approximately $3,267,429.30. This represents a 7.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Peter Rahmer sold 16,576 shares of Relay Therapeutics stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $4.45, for a total value of $73,763.20. Following the completion of the sale, the insider now owns 308,754 shares in the company, valued at approximately $1,373,955.30. This trade represents a 5.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 437,994 shares of company stock valued at $1,849,557 over the last ninety days. Corporate insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in RLAY. Steward Partners Investment Advisory LLC boosted its holdings in Relay Therapeutics by 160.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock worth $27,000 after buying an additional 4,000 shares in the last quarter. Stifel Financial Corp purchased a new stake in shares of Relay Therapeutics during the 4th quarter worth approximately $42,000. Twinbeech Capital LP purchased a new stake in shares of Relay Therapeutics during the 4th quarter worth approximately $42,000. Cibc World Markets Corp purchased a new position in Relay Therapeutics in the 4th quarter valued at approximately $47,000. Finally, Summit Investment Advisors Inc. raised its holdings in Relay Therapeutics by 41.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company’s stock worth $52,000 after purchasing an additional 3,760 shares during the last quarter. 96.98% of the stock is owned by institutional investors and hedge funds.

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.