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

Relay Therapeutics (NASDAQ:RLAY) had its price target reduced by stock analysts at The Goldman Sachs Group from $20.00 to $18.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 427.86% from the company’s current price.

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

Relay Therapeutics Stock Performance

Shares of RLAY opened at $3.41 on Thursday. The stock has a 50-day simple moving average of $4.29 and a 200-day simple moving average of $5.52. The stock has a market capitalization of $570.78 million, a PE ratio of -1.31 and a beta of 1.61. Relay Therapeutics has a 1 year low of $3.05 and a 1 year high of $10.72.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.57) by $0.12. Analysts predict that Relay Therapeutics will post -2.55 EPS for the current year.

Insiders Place Their Bets

In other Relay Therapeutics news, CEO Sanjiv Patel sold 75,324 shares of Relay Therapeutics stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $3.70, for a total transaction of $278,698.80. Following the transaction, the chief executive officer now owns 883,089 shares of the company’s stock, valued at $3,267,429.30. The trade was a 7.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Peter Rahmer sold 32,156 shares of Relay Therapeutics stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $4.15, for a total value of $133,447.40. Following the transaction, the insider now directly owns 357,507 shares in the company, valued at approximately $1,483,654.05. This trade represents a 8.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 570,152 shares of company stock valued at $2,491,157 over the last quarter. Company insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of RLAY. Steward Partners Investment Advisory LLC increased its holdings in shares of Relay Therapeutics by 160.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock valued at $27,000 after purchasing an additional 4,000 shares during the period. Stifel Financial Corp acquired a new position in shares of Relay Therapeutics in the fourth quarter valued at approximately $42,000. Twinbeech Capital LP acquired a new position in shares of Relay Therapeutics in the fourth quarter valued at approximately $42,000. Cibc World Markets Corp acquired a new position in shares of Relay Therapeutics in the fourth quarter valued at approximately $47,000. Finally, Summit Investment Advisors Inc. increased its holdings in shares of Relay Therapeutics by 41.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company’s stock valued at $52,000 after purchasing an additional 3,760 shares during the period. 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.