Relay Therapeutics, Inc. (NASDAQ:RLAY) Stock Has Consensus Price Target of $25.92 According to Brokerages

Key Points

• Analyst consensus is “Moderate Buy” for Relay Therapeutics, with 10 buy, two strong-buy, one hold, and one sell rating. The average 12-month price target is $25.92, compared with the stock’s reported price of $18.34.
• Relay Therapeutics reported quarterly earnings of -$0.41 per share, missing the $0.39-loss consensus estimate, while revenue of $0.35 million fell short of the $0.96 million forecast.
• Insiders sold approximately 6.15 million shares worth $119.2 million over the past 90 days, while institutional investors remained major holders, owning 96.98% of the company.

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) have received an average rating of "Moderate Buy" from the fourteen research firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, ten have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $25.92.

A number of analysts have commented on the stock. Canaccord Genuity Group initiated coverage on shares of Relay Therapeutics in a research note on Thursday, July 16th. They set a "buy" rating and a $29.00 price target for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Relay Therapeutics in a research note on Friday, October 2nd. Barclays raised their price objective 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. HC Wainwright lifted their price objective on shares of Relay Therapeutics from $28.00 to $29.00 and gave the company a "buy" rating in a report on Thursday, August 20th. Finally, Wall Street Zen downgraded shares of Relay Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th.

Relay Therapeutics Stock Down 0.4%

NASDAQ RLAY opened at $18.34 on Friday. The company has a market cap of $4.02 billion, a price-to-earnings ratio of -11.68 and a beta of 1.72. Relay Therapeutics has a 52 week low of $5.95 and a 52 week high of $21.27. The business has a 50 day moving average price of $18.68 and a 200-day moving average price of $17.12.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.02). The firm had revenue of $0.35 million during the quarter, compared to the consensus estimate of $0.96 million. On average, equities research analysts anticipate that Relay Therapeutics will post -1.61 earnings per share for the current year.

Insiders Place Their Bets

In other Relay Therapeutics news, major shareholder Pauling (Cayman) Ltd Svf sold 6,000,000 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $19.40, for a total transaction of $116,400,000.00. Following the completion of the sale, the insider directly owned 21,904,963 shares of the company's stock, valued at approximately $424,956,282.20. The trade was a 21.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Peter Rahmer sold 4,508 shares of the stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $20.03, for a total value of $90,295.24. Following the completion of the sale, the insider directly owned 223,657 shares of the company's stock, valued at approximately $4,479,849.71. This trade represents a 1.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 6,149,314 shares of company stock worth $119,185,022 in the last 90 days. Company insiders own 5.04% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RLAY. GAMMA Investing LLC grew its holdings in Relay Therapeutics by 108.3% during the third quarter. GAMMA Investing LLC now owns 2,850 shares of the company's stock worth $51,000 after buying an additional 1,482 shares in the last quarter. Sanctuary Advisors LLC raised its position in Relay Therapeutics by 1.1% in the 1st quarter. Sanctuary Advisors LLC now owns 143,816 shares of the company's stock valued at $1,431,000 after buying an additional 1,588 shares during the last quarter. Allworth Financial LP purchased a new stake in Relay Therapeutics in the 2nd quarter valued at $34,000. Meeder Asset Management Inc. bought a new position in Relay Therapeutics during the 2nd quarter valued at $62,000. Finally, KBC Group NV bought a new position in Relay Therapeutics during the 1st quarter valued at $34,000. Hedge funds and other institutional investors own 96.98% of the company's stock.

About Relay Therapeutics

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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