JonesTrading Forecasts Strong Price Appreciation for Relay Therapeutics (NASDAQ:RLAY) Stock

Relay Therapeutics (NASDAQ:RLAY) had its target price increased by research analysts at JonesTrading from $20.00 to $31.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. JonesTrading‘s price objective would suggest a potential upside of 66.67% from the company’s previous close.

Several other equities research analysts also recently issued reports on the stock. Zacks Research upgraded shares of Relay Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 20th. HC Wainwright increased their price objective on shares of Relay Therapeutics from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. The Goldman Sachs Group raised their target price on shares of Relay Therapeutics from $22.00 to $31.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Guggenheim restated a “buy” rating on shares of Relay Therapeutics in a report on Friday, August 7th. Finally, Barclays upped their price target on shares of Relay Therapeutics from $27.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, eleven have issued 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $27.00.

Relay Therapeutics Price Performance

NASDAQ RLAY opened at $18.60 on Friday. The firm has a market capitalization of $4.08 billion, a P/E ratio of -12.32 and a beta of 1.74. Relay Therapeutics has a 1-year low of $5.95 and a 1-year high of $21.27. The business’s 50-day simple moving average is $18.31 and its 200-day simple moving average is $15.20.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Wednesday, November 4th. The company reported ($0.37) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.03. On average, equities research analysts expect that Relay Therapeutics will post -1.59 EPS for the current fiscal year.

Insider Activity

In related news, CFO Thomas Catinazzo sold 17,717 shares of the business’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $18.59, for a total transaction of $329,359.03. Following the transaction, the chief financial officer directly owned 105,134 shares of the company’s stock, valued at approximately $1,954,441.06. The trade was a 14.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Peter Rahmer sold 4,508 shares of the company’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $20.03, for a total value of $90,295.24. Following the completion of the transaction, the insider owned 223,657 shares of the company’s stock, valued at approximately $4,479,849.71. This represents a 1.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 6,149,344 shares of company stock worth $119,185,625 in the last ninety days. 5.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Relay Therapeutics

Large investors have recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Relay Therapeutics during the 3rd quarter valued at approximately $33,000. KBC Group NV bought a new position in Relay Therapeutics during the first quarter worth $34,000. Allworth Financial LP bought a new position in Relay Therapeutics during the second quarter worth $34,000. GAMMA Investing LLC lifted its stake in Relay Therapeutics by 108.3% during the third quarter. GAMMA Investing LLC now owns 2,850 shares of the company’s stock worth $51,000 after purchasing an additional 1,482 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in Relay Therapeutics in the second quarter worth $62,000. 96.98% of the stock is owned by institutional investors and hedge funds.

About Relay Therapeutics

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for patients with serious diseases, with an emphasis on cancer. The company uses its computational drug discovery platform to study how proteins move and interact, aiming to identify drug targets and design therapies against them.

Relay’s research combines experimental biology, structural biology and computational methods. Its drug development programs have included candidates targeting cancer-related pathways, such as FGFR2 and PI3Kα.