Relay Therapeutics (NASDAQ:RLAY) Trading Up 13% – Here’s What Happened

Relay Therapeutics, Inc. (NASDAQ:RLAY) traded up 13% on Monday . The company traded as high as $7.49 and last traded at $7.6510. 290,282 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 2,141,431 shares. The stock had previously closed at $6.77.

Wall Street Analyst Weigh In

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

Relay Therapeutics Stock Up 1.1%

The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of -4.64 and a beta of 1.76. The stock’s 50-day simple moving average is $6.19 and its 200 day simple moving average is $4.42.

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

Insider Buying and Selling

In related news, insider Peter Rahmer sold 21,394 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $7.50, for a total transaction of $160,455.00. Following the transaction, the insider owned 337,469 shares of the company’s stock, valued at $2,531,017.50. This trade represents a 5.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas Catinazzo sold 21,664 shares of Relay Therapeutics 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 transaction, the chief financial officer directly owned 313,631 shares in the company, valued at approximately $2,286,369.99. This represents a 6.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 155,163 shares of company stock valued at $1,117,630. Insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC boosted its position in shares of Relay Therapeutics by 368.6% during the 1st quarter. CWM LLC now owns 20,269 shares of the company’s stock worth $53,000 after acquiring an additional 15,944 shares in the last quarter. Federated Hermes Inc. grew its holdings in Relay Therapeutics by 92.2% during the 1st quarter. Federated Hermes Inc. now owns 96,313 shares of the company’s stock worth $252,000 after acquiring an additional 46,213 shares during the last quarter. XTX Topco Ltd lifted its holdings in shares of Relay Therapeutics by 33.7% during the first quarter. XTX Topco Ltd now owns 79,913 shares of the company’s stock worth $209,000 after purchasing an additional 20,161 shares during the period. Arkadios Wealth Advisors acquired a new position in Relay Therapeutics during the 1st quarter worth about $67,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Relay Therapeutics by 5.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,064,858 shares of the company’s stock valued at $2,790,000 after acquiring an additional 54,051 shares during the last quarter. Institutional investors 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.