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

Relay Therapeutics, Inc. (NASDAQ:RLAY) has earned a consensus recommendation of “Moderate Buy” from the twelve brokerages that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $17.67.

Several research analysts have recently issued reports on the company. The Goldman Sachs Group lowered their price objective on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Wells Fargo & Company began coverage on Relay Therapeutics in a research note on Thursday, April 17th. They set an “equal weight” rating and a $4.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Relay Therapeutics in a research note on Friday, March 7th. Guggenheim decreased their price objective on Relay Therapeutics from $30.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Finally, Stifel Nicolaus cut their target price on Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th.

Relay Therapeutics Trading Down 6.7%

RLAY stock opened at $3.22 on Tuesday. The company has a market capitalization of $552.05 million, a PE ratio of -1.23 and a beta of 1.59. Relay Therapeutics has a 12-month low of $1.78 and a 12-month high of $10.72. The business’s fifty day moving average price is $2.96 and its 200 day moving average price is $3.62.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Monday, May 5th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.04. The company had revenue of $7.68 million for the quarter, compared to analyst estimates of $0.01 million. During the same period in the previous year, the firm earned ($0.62) earnings per share. The company’s revenue for the quarter was down 23.0% compared to the same quarter last year. Research analysts predict that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 61,422 shares of the company’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $2.97, for a total value of $182,423.34. Following the transaction, the chief executive officer now owns 821,667 shares of the company’s stock, valued at approximately $2,440,350.99. This represents a 6.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas Catinazzo sold 12,943 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total transaction of $38,829.00. Following the transaction, the chief financial officer now owns 355,376 shares in the company, valued at approximately $1,066,128. The trade was a 3.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 94,320 shares of company stock worth $280,981 over the last ninety days. Company insiders own 4.87% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RLAY. Murchinson Ltd. bought a new stake in shares of Relay Therapeutics during the first quarter valued at approximately $26,000. Steward Partners Investment Advisory LLC increased its stake in Relay Therapeutics by 160.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock valued at $27,000 after buying an additional 4,000 shares during the last quarter. DRW Securities LLC acquired a new stake in Relay Therapeutics in the 1st quarter valued at $28,000. AssuredPartners Investment Advisors LLC bought a new position in shares of Relay Therapeutics in the 1st quarter valued at about $29,000. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of Relay Therapeutics during the 1st quarter worth about $41,000. Institutional investors and hedge funds 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.