Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives $21.67 Average Price Target from Analysts

Relay Therapeutics, Inc. (NASDAQ:RLAY) has been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $21.22.

A number of equities analysts recently weighed in on the company. The Goldman Sachs Group initiated coverage on Relay Therapeutics in a report on Tuesday. They issued a “buy” rating and a $20.00 price target for the company. JPMorgan Chase & Co. reduced their target price on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday. JMP Securities dropped their price target on shares of Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating on the stock in a research note on Thursday, July 18th. Jefferies Financial Group upgraded shares of Relay Therapeutics from a “hold” rating to a “buy” rating and upped their price objective for the stock from $10.60 to $16.00 in a research report on Tuesday. Finally, Barclays lifted their target price on shares of Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday.

Insiders Place Their Bets

In other news, CEO Sanjiv Patel sold 36,706 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $9.07, for a total value of $332,923.42. Following the completion of the sale, the chief executive officer now directly owns 766,130 shares in the company, valued at $6,948,799.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Sanjiv Patel sold 36,706 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $9.07, for a total transaction of $332,923.42. Following the transaction, the chief executive officer now owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Peter Rahmer sold 13,523 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $8.54, for a total transaction of $115,486.42. Following the sale, the insider now owns 420,765 shares of the company’s stock, valued at $3,593,333.10. The disclosure for this sale can be found here. Insiders have sold 84,738 shares of company stock valued at $715,499 in the last ninety days. 4.32% of the stock is currently owned by corporate insiders.

Institutional Trading of Relay Therapeutics

Several institutional investors have recently made changes to their positions in RLAY. Caxton Associates LP increased its stake in Relay Therapeutics by 637.3% during the fourth quarter. Caxton Associates LP now owns 279,101 shares of the company’s stock worth $3,073,000 after acquiring an additional 241,247 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Relay Therapeutics by 57.2% during the 1st quarter. Russell Investments Group Ltd. now owns 179,972 shares of the company’s stock worth $1,494,000 after purchasing an additional 65,484 shares during the last quarter. Finepoint Capital LP raised its holdings in Relay Therapeutics by 51.3% in the 4th quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock valued at $14,510,000 after buying an additional 447,000 shares during the period. BVF Inc. IL lifted its position in Relay Therapeutics by 67.8% in the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after buying an additional 1,604,240 shares during the last quarter. Finally, Norges Bank purchased a new position in Relay Therapeutics during the fourth quarter worth about $33,789,000. Hedge funds and other institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Trading Down 1.7 %

Shares of NASDAQ:RLAY opened at $7.62 on Friday. The company has a market capitalization of $1.02 billion, a PE ratio of -2.89 and a beta of 1.64. The business has a 50 day moving average of $7.52 and a two-hundred day moving average of $7.43. Relay Therapeutics has a 12-month low of $5.70 and a 12-month high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter in the previous year, the company earned ($0.81) EPS. Equities research analysts predict that Relay Therapeutics will post -2.91 earnings per share for the current fiscal year.

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.