Brokerages Set Relay Therapeutics, Inc. (NASDAQ:RLAY) Target Price at $17.67

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have been assigned an average recommendation of “Moderate Buy” from the twelve research firms that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $17.67.

RLAY has been the subject of a number of analyst reports. Guggenheim decreased their price target on Relay Therapeutics from $30.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Wells Fargo & Company initiated coverage on Relay Therapeutics in a report on Thursday, April 17th. They issued an “equal weight” rating and a $4.00 price target for the company.

Insider Transactions at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 12,943 shares of the company’s 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 completion of the transaction, the chief financial officer directly owned 355,376 shares of the company’s stock, valued at $1,066,128. This represents a 3.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Peter Rahmer sold 10,739 shares of the company’s stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total value of $32,217.00. Following the transaction, the insider directly owned 390,081 shares of the company’s stock, valued at approximately $1,170,243. The trade was a 2.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 89,158 shares of company stock valued at $266,321 in the last three months. 4.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC raised its stake in shares of Relay Therapeutics by 160.0% during the 4th 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 during the period. Murchinson Ltd. purchased a new stake in shares of Relay Therapeutics during the first quarter worth approximately $26,000. Stifel Financial Corp purchased a new stake in shares of Relay Therapeutics during the fourth quarter worth approximately $42,000. Twinbeech Capital LP purchased a new stake in shares of Relay Therapeutics during the fourth quarter worth approximately $42,000. Finally, DRW Securities LLC purchased a new stake in shares of Relay Therapeutics during the first quarter worth approximately $28,000. 96.98% of the stock is owned by institutional investors and hedge funds.

Relay Therapeutics Stock Up 6.1%

Relay Therapeutics stock opened at $3.81 on Friday. Relay Therapeutics has a 52 week low of $1.78 and a 52 week high of $10.72. The company has a market capitalization of $653.21 million, a price-to-earnings ratio of -1.71 and a beta of 1.62. The stock has a 50-day moving average price of $3.20 and a 200 day moving average price of $3.49.

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

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.