Relay Therapeutics (NASDAQ:RLAY) Trading Up 4.7% – Here’s What Happened

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price rose 4.7% on Monday . The stock traded as high as $8.48 and last traded at $8.4050. Approximately 1,403,686 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 2,137,667 shares. The stock had previously closed at $8.03.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RLAY. HC Wainwright cut their target price on Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, August 26th. Wells Fargo & Company raised shares of Relay Therapeutics from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $6.00 to $13.00 in a report on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Relay Therapeutics in a research report on Tuesday, October 14th. Finally, Guggenheim assumed coverage on shares of Relay Therapeutics in a report on Thursday, September 4th. They issued a “buy” rating and a $15.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Relay Therapeutics Trading Up 5.8%

The business’s 50 day simple moving average is $6.96 and its 200 day simple moving average is $4.86. The firm has a market capitalization of $1.47 billion, a PE ratio of -4.85 and a beta of 1.50.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.04). Analysts forecast 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 Relay Therapeutics stock in a transaction that occurred on Tuesday, October 28th. The stock was sold at an average price of $7.29, for a total value of $157,930.56. Following the completion of the transaction, the chief financial officer owned 313,631 shares in the company, valued at approximately $2,286,369.99. The trade was a 6.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sanjiv Patel sold 62,073 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $7.00, for a total value of $434,511.00. Following the transaction, the chief executive officer directly owned 703,215 shares in the company, valued at approximately $4,922,505. This represents a 8.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 155,163 shares of company stock valued at $1,117,630 over the last quarter. Company insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Institutional investors have recently made changes to their positions in the company. Murchinson Ltd. purchased a new stake in Relay Therapeutics in the 1st quarter worth about $26,000. FNY Investment Advisers LLC grew its stake in shares of Relay Therapeutics by 100.0% during the second 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 last quarter. Quinn Opportunity Partners LLC purchased a new stake in shares of Relay Therapeutics in the second quarter worth approximately $35,000. DRW Securities LLC bought a new stake in shares of Relay Therapeutics during the 1st quarter worth approximately $28,000. Finally, May Hill Capital LLC bought a new stake in shares of Relay Therapeutics during the 2nd quarter worth approximately $38,000. 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.