Relay Therapeutics (NASDAQ:RLAY) Upgraded to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Relay Therapeutics from “Sell” to “Hold.” Overall analyst sentiment remains more positive, with a “Moderate Buy” consensus and an average price target of $25.92.
• Relay reported a quarterly loss of $0.37 per share, beating analysts’ estimate of a $0.40 loss by $0.03. Its shares were reported up 9.4% and opened at $18.60.
• Company insiders sold about 6.15 million shares worth $119.2 million over the prior 90 days; some disclosed sales were to cover tax withholding on vested equity awards.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other brokerages have also issued reports on RLAY. Zacks Research upgraded Relay Therapeutics from a "strong sell" rating to a "hold" rating in a report on Thursday, August 20th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Relay Therapeutics in a research report on Friday, October 2nd. The Goldman Sachs Group raised their target price on shares of Relay Therapeutics from $22.00 to $31.00 and gave the company a "buy" rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. raised their price target on shares of Relay Therapeutics from $28.00 to $31.00 and gave the stock an "overweight" rating in a report on Friday, August 14th. Finally, Guggenheim reissued a "buy" rating on shares of Relay Therapeutics in a research report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.92.

Relay Therapeutics Stock Up 9.4%

RLAY stock opened at $18.60 on Friday. The firm has a market cap of $4.08 billion, a price-to-earnings ratio of -12.32 and a beta of 1.74. The company's fifty day simple moving average is $18.31 and its 200 day simple moving average is $15.20. Relay Therapeutics has a 12-month low of $5.95 and a 12-month 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) earnings per share for the quarter, beating analysts' consensus estimates of ($0.40) by $0.03. Research analysts expect that Relay Therapeutics will post -1.61 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 1,469 shares of Relay Therapeutics stock in a transaction on Wednesday, October 28th. The stock was sold at an average price of $18.62, for a total transaction of $27,352.78. Following the sale, the chief financial officer directly owned 103,665 shares in the company, valued at $1,930,242.30. The trade was a 1.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Donald A. Bergstrom sold 2,252 shares of the company's stock in a transaction that occurred on Wednesday, October 28th. The stock was sold at an average price of $18.62, for a total value of $41,932.24. Following the completion of the sale, the insider directly owned 396,878 shares of the company's stock, valued at approximately $7,389,868.36. This represents a 0.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 6,149,344 shares of company stock worth $119,185,625. Corporate insiders own 5.04% of the company's stock.

Institutional Trading of Relay Therapeutics

A number of institutional investors have recently made changes to their positions in RLAY. BlackRock Inc. purchased a new position in Relay Therapeutics during the 2nd quarter valued at about $286,042,000. Perceptive Advisors LLC lifted its stake in shares of Relay Therapeutics by 412.3% during the 1st quarter. Perceptive Advisors LLC now owns 9,751,141 shares of the company's stock worth $97,024,000 after buying an additional 7,847,896 shares during the last quarter. Spruce Street Capital LP acquired a new position in Relay Therapeutics during the 2nd quarter worth about $55,832,979. Bank of America Corp DE purchased a new stake in Relay Therapeutics during the second quarter worth about $50,425,000. Finally, EcoR1 Capital LLC purchased a new position in Relay Therapeutics in the 1st quarter worth approximately $18,952,000. 96.98% of the stock is owned by institutional investors and hedge funds.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines for cancer and other serious diseases. The company uses its Dynamo platform, which combines structural biology, computational modeling, machine learning and experimental science to study how proteins move and interact. Relay aims to use this approach to identify precisely targeted therapies, including medicines designed to bind to previously difficult-to-drug sites.

The company's pipeline has primarily focused on oncology, including investigational small-molecule therapies directed at cancer-driving proteins and signaling pathways.

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