Relay Therapeutics (NASDAQ:RLAY) Cut to Market Perform at Oppenheimer

Relay Therapeutics (NASDAQ:RLAY) was downgraded by investment analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a research report issued on Tuesday, Marketbeat reports.

Several other analysts have also weighed in on the company. Jefferies Financial Group raised Relay Therapeutics from a “hold” rating to a “buy” rating and raised their price objective for the company from $10.60 to $16.00 in a research note on Tuesday. HC Wainwright reduced their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. JMP Securities lowered their price objective on shares of Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating for the company in a research report on Thursday, July 18th. JPMorgan Chase & Co. cut their target price on shares of Relay Therapeutics from $29.00 to $23.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Finally, Barclays decreased their target price on shares of Relay Therapeutics from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, July 26th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.86.

Relay Therapeutics Stock Up 52.4 %

RLAY stock opened at $9.51 on Tuesday. The company’s 50-day moving average price is $7.41 and its two-hundred day moving average price is $7.43. The firm has a market cap of $1.26 billion, a P/E ratio of -3.60 and a beta of 1.64. 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 data on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter in the prior year, the firm earned ($0.81) earnings per share. Equities analysts predict that Relay Therapeutics will post -2.91 EPS for the current year.

Insider Buying and Selling

In other news, CFO Thomas Catinazzo sold 9,373 shares of the stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $6.24, for a total value of $58,487.52. Following the completion of the sale, the chief financial officer now owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Thomas Catinazzo sold 9,373 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $6.24, for a total value of $58,487.52. Following the sale, the chief financial officer now directly owns 330,430 shares of the company’s stock, valued at approximately $2,061,883.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Sanjiv Patel sold 36,706 shares of Relay Therapeutics stock in a transaction on Friday, July 26th. The stock was sold at an average price of $9.07, for a total transaction of $332,923.42. Following the transaction, the chief executive officer now directly owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The disclosure for this sale can be found here. Insiders sold a total of 84,738 shares of company stock valued at $715,499 in the last three months. Insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Relay Therapeutics by 10.9% in the 1st quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock valued at $98,070,000 after acquiring an additional 1,165,282 shares in the last quarter. Bellevue Group AG boosted its position in shares of Relay Therapeutics by 21.5% during the 4th quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock worth $65,356,000 after purchasing an additional 1,051,082 shares in the last quarter. BVF Inc. IL grew its stake in shares of Relay Therapeutics by 67.8% in the 4th 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 period. Norges Bank bought a new stake in Relay Therapeutics in the 4th quarter valued at about $33,789,000. Finally, Finepoint Capital LP boosted its holdings in Relay Therapeutics by 51.3% in the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock worth $14,510,000 after acquiring an additional 447,000 shares in the last quarter. 96.98% of the stock is 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.