Relay Therapeutics (NASDAQ:RLAY) Trading Up 6.1% – Time to Buy?

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price rose 6.1% during trading on Thursday . The stock traded as high as $6.53 and last traded at $6.5450. Approximately 530,068 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 2,140,051 shares. The stock had previously closed at $6.17.

Analyst Upgrades and Downgrades

RLAY has been the topic of a number of recent analyst reports. Guggenheim started coverage on Relay Therapeutics in a report on Thursday, September 4th. They set a “buy” rating and a $15.00 price target on the stock. Wells Fargo & Company lifted their target price on Relay Therapeutics from $4.00 to $6.00 and gave the company an “equal weight” rating in a research note on Friday, November 7th. Raymond James Financial decreased their price target on Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating for the company in a research note on Friday, August 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Relay Therapeutics in a report on Tuesday, October 14th. Finally, HC Wainwright reduced their price objective on shares of Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $16.75.

Relay Therapeutics Stock Down 2.5%

The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of -3.59 and a beta of 1.76. The firm’s 50 day moving average is $5.79 and its 200 day moving average is $4.21.

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

Insider Buying and Selling

In other news, CFO Thomas Catinazzo sold 21,664 shares of the company’s stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $7.29, for a total transaction of $157,930.56. Following the completion of the sale, the chief financial officer directly owned 313,631 shares of the company’s stock, valued at $2,286,369.99. This represents a 6.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Donald A. Bergstrom sold 30,897 shares of Relay Therapeutics stock in a transaction dated Tuesday, October 28th. The stock was sold at an average price of $7.29, for a total value of $225,239.13. Following the completion of the transaction, the insider directly owned 521,823 shares in the company, valued at $3,804,089.67. This represents a 5.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 155,163 shares of company stock valued at $1,117,630 over the last ninety days. 4.87% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Relay Therapeutics

Several hedge funds have recently bought and sold shares of RLAY. Acadian Asset Management LLC lifted its position in shares of Relay Therapeutics by 2,256.1% in the first quarter. Acadian Asset Management LLC now owns 682,028 shares of the company’s stock worth $1,785,000 after purchasing an additional 653,081 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new position in Relay Therapeutics in the 1st quarter valued at approximately $223,000. Invesco Ltd. lifted its position in Relay Therapeutics by 54.8% in the 1st quarter. Invesco Ltd. now owns 184,831 shares of the company’s stock worth $484,000 after buying an additional 65,414 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Relay Therapeutics by 8,553.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 16,702 shares of the company’s stock valued at $58,000 after buying an additional 16,509 shares during the period. Finally, Hsbc Holdings PLC boosted its stake in shares of Relay Therapeutics by 4.2% during the 1st quarter. Hsbc Holdings PLC now owns 116,408 shares of the company’s stock valued at $300,000 after buying an additional 4,639 shares during the period. 96.98% of the stock is owned by hedge funds and other institutional investors.

Relay Therapeutics Company Profile

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.