Relay Therapeutics (NASDAQ:RLAY) Given New $31.00 Price Target at JonesTrading

Key Points

• JonesTrading raised its price target on Relay Therapeutics to $31 from $20 and maintained a Buy rating, implying 66.7% upside from the stock’s current price.
• Analyst sentiment is broadly positive: MarketBeat reports a Moderate Buy consensus and an average target of $27, with 11 Buy ratings among 14 analysts.
• Relay reported a quarterly loss of $0.37 per share, beating the consensus estimate of a $0.40 loss. Insiders sold about 6.15 million shares worth $119.2 million over the past 90 days.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) had its price target boosted by equities research analysts at JonesTrading from $20.00 to $31.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a "buy" rating on the stock. JonesTrading's price objective points to a potential upside of 66.67% from the stock's current price.

A number of other equities research analysts have also weighed in on RLAY. The Goldman Sachs Group raised their price objective on Relay Therapeutics from $22.00 to $31.00 and gave the company a "buy" rating in a research note on Tuesday, July 21st. Zacks Research upgraded shares of Relay Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 20th. Citizens Jmp increased their price objective on shares of Relay Therapeutics from $21.00 to $26.00 and gave the company a "market outperform" rating in a research note on Monday, August 10th. Weiss Ratings reissued a "sell (d-)" rating on shares of Relay Therapeutics in a research report on Friday, October 2nd. Finally, Barclays upped their target price on shares of Relay Therapeutics from $27.00 to $30.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Relay Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $27.00.

Relay Therapeutics Price Performance

Shares of RLAY opened at $18.60 on Friday. The company's fifty day moving average is $18.31 and its two-hundred day moving average is $15.20. The firm has a market cap of $4.08 billion, a PE ratio of -12.32 and a beta of 1.74. Relay Therapeutics has a fifty-two week low of $5.95 and a fifty-two week high of $21.27.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported ($0.37) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.03. As a group, equities research analysts anticipate that Relay Therapeutics will post -1.59 earnings per share for the current year.

Insider Activity

In related news, major shareholder Pauling (Cayman) Ltd Svf sold 6,000,000 shares of Relay Therapeutics stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $19.40, for a total value of $116,400,000.00. Following the transaction, the insider directly owned 21,904,963 shares in the company, valued at $424,956,282.20. The trade was a 21.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Thomas Catinazzo sold 1,469 shares of the company's stock in a transaction that occurred on Wednesday, October 28th. The shares were sold at an average price of $18.62, for a total transaction of $27,352.78. Following the completion of the sale, the chief financial officer owned 103,665 shares of the company's stock, valued at approximately $1,930,242.30. This trade represents a 1.40% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 6,149,344 shares of company stock valued at $119,185,625 in the last ninety days. 5.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Relay Therapeutics

Several large investors have recently made changes to their positions in RLAY. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Relay Therapeutics during the 3rd quarter worth approximately $33,000. KBC Group NV acquired a new stake in Relay Therapeutics during the first quarter worth $34,000. Allworth Financial LP acquired a new stake in Relay Therapeutics during the second quarter worth $34,000. GAMMA Investing LLC increased its holdings in Relay Therapeutics by 108.3% in the 3rd quarter. GAMMA Investing LLC now owns 2,850 shares of the company's stock valued at $51,000 after buying an additional 1,482 shares during the period. Finally, Meeder Asset Management Inc. bought a new stake in Relay Therapeutics in the 2nd quarter valued at $62,000. Institutional investors own 96.98% of the company's stock.

About Relay Therapeutics

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for patients with serious diseases, with an emphasis on cancer. The company uses its computational drug discovery platform to study how proteins move and interact, aiming to identify drug targets and design therapies against them.

Relay's research combines experimental biology, structural biology and computational methods. Its drug development programs have included candidates targeting cancer-related pathways, such as FGFR2 and PI3Kα.

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