Relay Therapeutics (NASDAQ:RLAY) Stock Price Up 7.3% – Should You Buy?

Relay Therapeutics, Inc. (NASDAQ:RLAY) shot up 7.3% on Tuesday . The company traded as high as $3.16 and last traded at $3.14. 1,088,513 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 2,475,521 shares. The stock had previously closed at $2.93.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Stifel Nicolaus lowered their price target on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. HC Wainwright reiterated a “buy” rating and set a $16.00 target price on shares of Relay Therapeutics in a research report on Friday, March 7th. Wells Fargo & Company assumed coverage on shares of Relay Therapeutics in a report on Thursday, April 17th. They issued an “equal weight” rating and a $4.00 price target on the stock. Guggenheim dropped their price objective on shares of Relay Therapeutics from $30.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Finally, The Goldman Sachs Group cut their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.67.

Relay Therapeutics Stock Up 4.1%

The firm’s fifty day moving average price is $2.85 and its 200-day moving average price is $3.91. The stock has a market cap of $522.91 million, a P/E ratio of -1.17 and a beta of 1.65.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Monday, May 5th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.04. The company had revenue of $7.68 million for the quarter, compared to analysts’ expectations of $0.01 million. During the same quarter in the prior year, the firm earned ($0.62) EPS. Relay Therapeutics’s quarterly revenue was down 23.0% compared to the same quarter last year. Sell-side analysts predict that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current year.

Insider Buying and Selling at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 61,422 shares of the business’s stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $2.97, for a total value of $182,423.34. Following the completion of the transaction, the chief executive officer now directly owns 821,667 shares in the company, valued at $2,440,350.99. The trade was a 6.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas Catinazzo sold 12,943 shares of the stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total value of $38,829.00. Following the sale, the chief financial officer now directly owns 355,376 shares in the company, valued at $1,066,128. This trade represents a 3.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 94,320 shares of company stock valued at $280,981. 4.87% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Relay Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC raised its position in shares of Relay Therapeutics by 47.6% during the first quarter. Jane Street Group LLC now owns 111,472 shares of the company’s stock valued at $292,000 after buying an additional 35,962 shares during the last quarter. Woodline Partners LP boosted its position in shares of Relay Therapeutics by 448.4% during the 1st quarter. Woodline Partners LP now owns 1,518,561 shares of the company’s stock valued at $3,979,000 after acquiring an additional 1,241,657 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Relay Therapeutics in the first quarter valued at $53,000. Murchinson Ltd. bought a new stake in Relay Therapeutics in the first quarter worth $26,000. Finally, Millennium Management LLC raised its stake in Relay Therapeutics by 14.6% during the first quarter. Millennium Management LLC now owns 2,942,875 shares of the company’s stock valued at $7,710,000 after purchasing an additional 374,491 shares in the last quarter. 96.98% of the stock is owned by hedge funds and other institutional investors.

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.