Jefferies Financial Group upgraded shares of Relay Therapeutics (NASDAQ:RLAY – Free Report) from a hold rating to a buy rating in a report published on Tuesday, MarketBeat Ratings reports. Jefferies Financial Group currently has $16.00 price target on the stock, up from their prior price target of $10.60.
Other equities analysts have also recently issued research reports about the company. Barclays reduced their price target on Relay Therapeutics from $15.00 to $14.00 and set an overweight rating for the company in a report on Friday, July 26th. JPMorgan Chase & Co. decreased their target price on Relay Therapeutics from $29.00 to $23.00 and set an overweight rating on the stock in a research report on Wednesday, August 7th. HC Wainwright cut their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a buy rating for the company in a report on Wednesday, July 17th. JMP Securities decreased their price objective on shares of Relay Therapeutics from $24.00 to $21.00 and set a market outperform rating on the stock in a report on Thursday, July 18th. Finally, Oppenheimer cut their target price on shares of Relay Therapeutics from $25.00 to $24.00 and set an outperform rating for the company in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Relay Therapeutics currently has a consensus rating of Moderate Buy and an average target price of $21.22.
Check Out Our Latest Research Report on RLAY
Relay Therapeutics Price Performance
Relay Therapeutics (NASDAQ:RLAY – Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.73) by $0.04. During the same quarter last year, the business posted ($0.81) EPS. Analysts anticipate that Relay Therapeutics will post -2.9 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total value of $112,268.52. Following the completion of the sale, the insider now owns 391,929 shares in the company, valued at approximately $3,209,898.51. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Thomas Catinazzo sold 9,373 shares of Relay Therapeutics stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $6.24, for a total transaction of $58,487.52. Following the transaction, the chief financial officer now owns 330,430 shares in the company, valued at approximately $2,061,883.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Peter Rahmer sold 13,708 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total transaction of $112,268.52. Following the completion of the sale, the insider now directly owns 391,929 shares of the company’s stock, valued at approximately $3,209,898.51. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,738 shares of company stock worth $715,499. 4.32% of the stock is owned by insiders.
Hedge Funds Weigh In On Relay Therapeutics
Several institutional investors and hedge funds have recently bought and sold shares of RLAY. Algert Global LLC raised its position in Relay Therapeutics by 57.9% in the second quarter. Algert Global LLC now owns 476,888 shares of the company’s stock valued at $3,109,000 after purchasing an additional 174,953 shares during the period. Driehaus Capital Management LLC raised its holdings in Relay Therapeutics by 54.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 616,220 shares of the company’s stock valued at $4,018,000 after buying an additional 218,302 shares during the period. Susquehanna Fundamental Investments LLC lifted its position in Relay Therapeutics by 248.7% in the second quarter. Susquehanna Fundamental Investments LLC now owns 53,442 shares of the company’s stock valued at $348,000 after buying an additional 38,117 shares during the last quarter. Millennium Management LLC boosted its stake in Relay Therapeutics by 404.2% during the second quarter. Millennium Management LLC now owns 1,149,177 shares of the company’s stock worth $7,493,000 after buying an additional 921,271 shares during the period. Finally, Deerfield Management Company L.P. Series C acquired a new stake in shares of Relay Therapeutics during the second quarter valued at about $304,000. 96.98% of the stock is currently owned by institutional investors and hedge funds.
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.
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