Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives $16.50 Consensus Target Price from Brokerages

Relay Therapeutics, Inc. (NASDAQ:RLAY) has been assigned an average rating of “Moderate Buy” from the nine brokerages that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $16.75.

Several research firms have recently commented on RLAY. Guggenheim began coverage on Relay Therapeutics in a report on Thursday, September 4th. They set a “buy” rating and a $15.00 target price for the company. Raymond James Financial reduced their price objective on Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating for the company in a research report on Friday, August 8th. Wells Fargo & Company upped their price objective on Relay Therapeutics from $4.00 to $6.00 and gave the stock an “equal weight” rating in a research note on Friday, November 7th. HC Wainwright cut their target price on Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, August 26th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Relay Therapeutics in a report on Tuesday, October 14th.

Relay Therapeutics Price Performance

Relay Therapeutics stock opened at $6.29 on Friday. The company has a fifty day moving average price of $5.65 and a two-hundred day moving average price of $4.16. Relay Therapeutics has a 12 month low of $1.77 and a 12 month high of $7.64. The company has a market cap of $1.09 billion, a PE ratio of -3.59 and a beta of 1.76.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.04). Equities research analysts anticipate that Relay Therapeutics will post -2.55 earnings per share for the current year.

Insider Activity

In other news, insider Donald A. Bergstrom sold 30,897 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The stock was sold at an average price of $7.29, for a total transaction of $225,239.13. Following the completion of the transaction, the insider directly owned 521,823 shares in the company, valued at approximately $3,804,089.67. The trade was a 5.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Peter Rahmer sold 21,394 shares of the stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $7.50, for a total value of $160,455.00. Following the completion of the transaction, the insider directly owned 337,469 shares of the company’s stock, valued at $2,531,017.50. This trade represents a 5.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 155,163 shares of company stock valued at $1,117,630. Company insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Murchinson Ltd. bought a new position in shares of Relay Therapeutics in the first quarter worth $26,000. DRW Securities LLC bought a new position in Relay Therapeutics in the 1st quarter valued at about $28,000. FNY Investment Advisers LLC increased its stake in Relay Therapeutics by 100.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company’s stock valued at $34,000 after buying an additional 5,000 shares during the period. Quinn Opportunity Partners LLC bought a new stake in shares of Relay Therapeutics during the 2nd quarter worth about $35,000. Finally, May Hill Capital LLC bought a new stake in shares of Relay Therapeutics during the 2nd quarter worth about $38,000. 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.