Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have earned an average recommendation of “Moderate Buy” from the twelve research firms that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $17.67.

A number of research firms have recently weighed in on RLAY. HC Wainwright restated a “buy” rating and issued a $16.00 price target on shares of Relay Therapeutics in a report on Friday, March 7th. Wells Fargo & Company initiated coverage on shares of Relay Therapeutics in a research note on Thursday, April 17th. They set an “equal weight” rating and a $4.00 price objective for the company. Finally, Guggenheim lowered their target price on shares of Relay Therapeutics from $30.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th.

Relay Therapeutics Trading Up 0.6%

Shares of NASDAQ:RLAY opened at $3.62 on Friday. The company has a market capitalization of $620.65 million, a PE ratio of -1.62 and a beta of 1.62. Relay Therapeutics has a 12-month low of $1.78 and a 12-month high of $10.72. The business’s fifty day simple moving average is $3.18 and its 200-day simple moving average is $3.50.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Monday, May 5th. The company reported ($0.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.04. The company had revenue of $7.68 million for the quarter, compared to the consensus estimate of $0.01 million. During the same period in the previous year, the business earned ($0.62) EPS. Relay Therapeutics’s revenue for the quarter was down 23.0% compared to the same quarter last year. Research analysts predict that Relay Therapeutics will post -2.55 EPS for the current year.

Insider Activity at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 12,943 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total value of $38,829.00. Following the completion of the sale, the chief financial officer directly owned 355,376 shares in the company, valued at $1,066,128. This trade represents a 3.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Peter Rahmer sold 10,739 shares of the business’s stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total transaction of $32,217.00. Following the sale, the insider directly owned 390,081 shares in the company, valued at approximately $1,170,243. This represents a 2.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold 89,158 shares of company stock valued at $266,321 in the last three months. 4.87% of the stock is owned by insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several hedge funds have recently made changes to their positions in RLAY. Norges Bank purchased a new position in Relay Therapeutics in the 4th quarter worth $23,821,000. Tang Capital Management LLC increased its holdings in shares of Relay Therapeutics by 126.1% in the fourth quarter. Tang Capital Management LLC now owns 8,068,058 shares of the company’s stock valued at $33,240,000 after purchasing an additional 4,500,000 shares during the period. Millennium Management LLC raised its stake in shares of Relay Therapeutics by 142.4% in the fourth quarter. Millennium Management LLC now owns 2,568,384 shares of the company’s stock worth $10,582,000 after purchasing an additional 1,508,777 shares during the last quarter. Woodline Partners LP raised its stake in shares of Relay Therapeutics by 448.4% in the first quarter. Woodline Partners LP now owns 1,518,561 shares of the company’s stock worth $3,979,000 after purchasing an additional 1,241,657 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Relay Therapeutics by 69.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,964,997 shares of the company’s stock worth $12,216,000 after purchasing an additional 1,216,334 shares during the period. 96.98% of the stock is owned by institutional investors and hedge funds.

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.