Relay Therapeutics (NASDAQ:RLAY) Price Target Cut to $18.00 by Analysts at Leerink Partners

Relay Therapeutics (NASDAQ:RLAY) had its price target reduced by Leerink Partners from $19.00 to $18.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other research analysts also recently commented on RLAY. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and boosted their target price for the stock from $10.60 to $16.00 in a report on Tuesday, September 10th. HC Wainwright decreased their price target on Relay Therapeutics from $20.00 to $16.00 and set a “buy” rating on the stock in a research report on Wednesday. Stifel Nicolaus restated a “buy” rating and set a $28.00 price target on shares of Relay Therapeutics in a research report on Monday, September 16th. JPMorgan Chase & Co. decreased their price target on Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 10th. Finally, The Goldman Sachs Group began coverage on Relay Therapeutics in a research report on Tuesday, September 10th. They set a “buy” rating and a $20.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Relay Therapeutics Stock Performance

NASDAQ RLAY opened at $4.39 on Wednesday. The stock’s 50 day moving average is $5.90 and its two-hundred day moving average is $6.81. The company has a market capitalization of $734.81 million, a price-to-earnings ratio of -1.68 and a beta of 1.59. Relay Therapeutics has a 1-year low of $4.36 and a 1-year high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. The firm’s revenue was down 100.0% on a year-over-year basis. During the same period last year, the company earned ($0.54) EPS. On average, analysts predict that Relay Therapeutics will post -2.61 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Thomas Catinazzo sold 6,802 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.06, for a total transaction of $41,220.12. Following the sale, the chief financial officer now owns 306,391 shares of the company’s stock, valued at approximately $1,856,729.46. This trade represents a 2.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 4.32% of the stock is currently owned by company insiders.

Institutional Trading of Relay Therapeutics

Several hedge funds have recently added to or reduced their stakes in RLAY. Bellevue Group AG raised its stake in shares of Relay Therapeutics by 15.7% in the 3rd quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock valued at $52,230,000 after purchasing an additional 1,000,069 shares during the period. State Street Corp raised its stake in shares of Relay Therapeutics by 1.2% in the 3rd quarter. State Street Corp now owns 4,300,216 shares of the company’s stock valued at $30,446,000 after purchasing an additional 51,810 shares during the period. Braidwell LP raised its stake in shares of Relay Therapeutics by 16.4% in the 3rd quarter. Braidwell LP now owns 3,499,427 shares of the company’s stock valued at $24,776,000 after purchasing an additional 492,628 shares during the period. Geode Capital Management LLC raised its stake in shares of Relay Therapeutics by 15.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock valued at $19,348,000 after purchasing an additional 367,473 shares during the period. Finally, Eventide Asset Management LLC acquired a new stake in shares of Relay Therapeutics in the 3rd quarter valued at about $18,989,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

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.