Relay Therapeutics (NASDAQ:RLAY) Coverage Initiated at Guggenheim

Stock analysts at Guggenheim began coverage on shares of Relay Therapeutics (NASDAQ:RLAY) in a note issued to investors on Thursday, Marketbeat.com reports. The firm set a “buy” rating and a $15.00 price target on the stock. Guggenheim’s target price would suggest a potential upside of 264.08% from the stock’s previous close.

A number of other analysts also recently weighed in on RLAY. Raymond James Financial cut their price target on shares of Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating for the company in a report on Friday, August 8th. HC Wainwright cut their price target on shares of Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $17.50.

Relay Therapeutics Trading Up 3.0%

Shares of Relay Therapeutics stock opened at $4.12 on Thursday. The company has a 50 day moving average of $3.59 and a 200-day moving average of $3.25. Relay Therapeutics has a 1-year low of $1.77 and a 1-year high of $10.72. The company has a market cap of $710.33 million, a PE ratio of -2.11 and a beta of 1.60.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.08. The firm had revenue of $0.70 million for the quarter, compared to the consensus estimate of $0.07 million. Research analysts forecast that Relay Therapeutics will post -2.55 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, insider Donald A. Bergstrom sold 26,701 shares of the company’s stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $3.68, for a total value of $98,259.68. Following the completion of the transaction, the insider directly owned 552,720 shares in the company, valued at approximately $2,034,009.60. This represents a 4.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sanjiv Patel sold 61,379 shares of the company’s stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $3.57, for a total transaction of $219,123.03. Following the completion of the transaction, the chief executive officer owned 765,288 shares of the company’s stock, valued at approximately $2,732,078.16. This trade represents a 7.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 149,226 shares of company stock worth $542,926. 4.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in RLAY. Murchinson Ltd. acquired a new position in Relay Therapeutics in the 1st quarter valued at approximately $26,000. DRW Securities LLC acquired a new position in Relay Therapeutics in the 1st quarter valued at approximately $28,000. AssuredPartners Investment Advisors LLC acquired a new position in Relay Therapeutics in the 1st quarter valued at approximately $29,000. FNY Investment Advisers LLC increased its position in Relay Therapeutics by 100.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company’s stock valued at $34,000 after acquiring an additional 5,000 shares during the period. Finally, Quinn Opportunity Partners LLC bought a new position in Relay Therapeutics during the second quarter worth $35,000. 96.98% of the stock is currently 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.