Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Relay Therapeutics has a “Moderate Buy” consensus rating from 14 analysts: 10 buys, two strong buys, one hold and one sell. The average 12-month price target is $25.92, compared with a recent share price of $17.47.
• Recent analyst actions were largely positive, including price-target increases from Barclays and HC Wainwright, although Zacks moved the stock to “hold” and Wall Street Zen downgraded it to “sell.”
• Insiders sold more than 6.2 million shares worth approximately $120.4 million during the quarter, including a 6 million-share sale by major shareholder Pauling (Cayman) Ltd. The company also reported a quarterly loss of $0.41 per share, slightly worse than analyst expectations.

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) has been assigned an average rating of "Moderate Buy" from the fourteen ratings firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, ten have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $25.92.

RLAY has been the subject of a number of recent analyst reports. Canaccord Genuity Group initiated coverage on shares of Relay Therapeutics in a report on Thursday, July 16th. They set a "buy" rating and a $29.00 price target for the company. Zacks Research raised Relay Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 20th. Barclays increased their target price on Relay Therapeutics from $27.00 to $30.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Wall Street Zen downgraded Relay Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Finally, HC Wainwright upped their price target on Relay Therapeutics from $28.00 to $29.00 and gave the stock a "buy" rating in a report on Thursday, August 20th.

Insider Activity

In related news, CEO Sanjiv Patel sold 48,199 shares of Relay Therapeutics stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $19.58, for a total transaction of $943,736.42. Following the sale, the chief executive officer directly owned 615,898 shares of the company's stock, valued at $12,059,282.84. This trade represents a 7.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Pauling (Cayman) Ltd Svf sold 6,000,000 shares of the business's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $19.40, for a total value of $116,400,000.00. Following the transaction, the insider owned 21,904,963 shares in the company, valued at $424,956,282.20. This represents a 21.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 6,207,974 shares of company stock worth $120,374,657. Corporate insiders own 5.04% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Sanctuary Advisors LLC lifted its position in Relay Therapeutics by 1.1% during the 1st quarter. Sanctuary Advisors LLC now owns 143,816 shares of the company's stock valued at $1,431,000 after purchasing an additional 1,588 shares during the period. Allworth Financial LP acquired a new stake in shares of Relay Therapeutics during the 2nd quarter worth approximately $34,000. Meeder Asset Management Inc. acquired a new stake in shares of Relay Therapeutics during the 2nd quarter worth approximately $62,000. KBC Group NV bought a new stake in shares of Relay Therapeutics during the first quarter worth approximately $34,000. Finally, Quantinno Capital Management LP raised its stake in shares of Relay Therapeutics by 22.6% during the first quarter. Quantinno Capital Management LP now owns 21,188 shares of the company's stock worth $211,000 after buying an additional 3,911 shares during the last quarter. 96.98% of the stock is currently owned by institutional investors and hedge funds.

Relay Therapeutics Stock Performance

Shares of NASDAQ:RLAY opened at $17.47 on Monday. The stock has a fifty day moving average of $19.18 and a 200-day moving average of $16.10. The company has a market capitalization of $3.83 billion, a PE ratio of -11.13 and a beta of 1.69. Relay Therapeutics has a one year low of $4.32 and a one year high of $21.27.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.02). The firm had revenue of $0.35 million for the quarter, compared to analyst estimates of $0.96 million. As a group, research analysts forecast that Relay Therapeutics will post -1.61 EPS for the current fiscal year.

About Relay Therapeutics

Relay Therapeutics, Inc is a clinical-stage biotechnology company that develops medicines for patients with genetically defined diseases, including cancer. The company combines computational and experimental approaches to study how proteins move and change shape, with the goal of identifying druggable sites and designing more selective therapies.

Relay's research platform, known as Dynamo, integrates structural biology, computational modeling, biophysics and chemistry to support the discovery and development of small-molecule drug candidates.

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