The Goldman Sachs Group Cuts Relay Therapeutics (NASDAQ:RLAY) Price Target to $18.00

Relay Therapeutics (NASDAQ:RLAY) had its price target decreased by The Goldman Sachs Group from $20.00 to $18.00 in a research report released on Thursday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

A number of other brokerages have also recently commented on RLAY. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 target price on shares of Relay Therapeutics in a report on Thursday, December 12th. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a report on Tuesday, January 14th. Leerink Partners cut their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, December 4th. Finally, Stifel Nicolaus cut their target price on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.80.

Relay Therapeutics Trading Down 13.3 %

RLAY stock opened at $3.25 on Thursday. Relay Therapeutics has a twelve month low of $3.25 and a twelve month high of $10.72. The company’s 50 day moving average is $4.31 and its two-hundred day moving average is $5.54. The stock has a market cap of $543.99 million, a P/E ratio of -1.25 and a beta of 1.61.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.12. On average, equities research analysts predict that Relay Therapeutics will post -2.55 earnings per share for the current year.

Insider Activity

In other news, insider Peter Rahmer sold 32,156 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total transaction of $133,447.40. Following the completion of the transaction, the insider now owns 357,507 shares of the company’s stock, valued at $1,483,654.05. This represents a 8.25 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sanjiv Patel sold 75,324 shares of the company’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $3.70, for a total transaction of $278,698.80. Following the transaction, the chief executive officer now directly owns 883,089 shares of the company’s stock, valued at approximately $3,267,429.30. This represents a 7.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 570,152 shares of company stock valued at $2,491,157 in the last 90 days. 4.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RLAY. Allspring Global Investments Holdings LLC increased its stake in shares of Relay Therapeutics by 6.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 41,203 shares of the company’s stock valued at $292,000 after acquiring an additional 2,547 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in Relay Therapeutics by 65.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 25,751 shares of the company’s stock worth $182,000 after purchasing an additional 10,157 shares in the last quarter. Thrivent Financial for Lutherans increased its position in Relay Therapeutics by 33.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 160,458 shares of the company’s stock worth $1,137,000 after purchasing an additional 40,447 shares in the last quarter. First Turn Management LLC acquired a new stake in Relay Therapeutics during the 3rd quarter worth approximately $8,683,000. Finally, Intech Investment Management LLC acquired a new stake in Relay Therapeutics during the 3rd quarter worth approximately $256,000. Institutional investors and hedge funds 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.