Relay Therapeutics (NASDAQ:RLAY) Trading Up 6.2%

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) shot up 6.2% during mid-day trading on Wednesday . The company traded as high as $8.04 and last traded at $8.04. 117,296 shares traded hands during trading, a decline of 89% from the average session volume of 1,095,667 shares. The stock had previously closed at $7.57.

Analysts Set New Price Targets

A number of brokerages have issued reports on RLAY. Leerink Partnrs reissued an “outperform” rating on shares of Relay Therapeutics in a report on Thursday, February 22nd. Stifel Nicolaus boosted their price target on shares of Relay Therapeutics from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, February 22nd. Finally, HC Wainwright cut their target price on shares of Relay Therapeutics from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, December 11th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.69.

Relay Therapeutics Stock Up 1.7 %

The stock’s fifty day simple moving average is $9.40 and its two-hundred day simple moving average is $9.12.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($0.67) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.09. Relay Therapeutics had a negative net margin of 1,263.49% and a negative return on equity of 42.43%. During the same quarter in the previous year, the business earned ($0.56) EPS. As a group, equities analysts expect that Relay Therapeutics, Inc. will post -2.84 EPS for the current year.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors have recently made changes to their positions in RLAY. Royal Bank of Canada boosted its holdings in Relay Therapeutics by 198.6% in the third quarter. Royal Bank of Canada now owns 1,287 shares of the company’s stock worth $29,000 after purchasing an additional 856 shares during the last quarter. Great West Life Assurance Co. Can boosted its holdings in Relay Therapeutics by 48.9% in the first quarter. Great West Life Assurance Co. Can now owns 2,494 shares of the company’s stock worth $79,000 after purchasing an additional 819 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in Relay Therapeutics in the second quarter worth approximately $39,000. Metropolitan Life Insurance Co NY raised its position in Relay Therapeutics by 15.5% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 5,264 shares of the company’s stock worth $79,000 after acquiring an additional 706 shares during the period. Finally, Vontobel Holding Ltd. raised its position in Relay Therapeutics by 12.7% in the first quarter. Vontobel Holding Ltd. now owns 7,413 shares of the company’s stock worth $222,000 after acquiring an additional 833 shares during the period. Hedge funds and other 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.