Relay Therapeutics (NASDAQ:RLAY) Shares Gap Up to $6.31

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $6.31, but opened at $6.78. Relay Therapeutics shares last traded at $6.56, with a volume of 252,976 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Oppenheimer reaffirmed an "outperform" rating and set a $25.00 price target (down previously from $33.00) on shares of Relay Therapeutics in a report on Monday. Barclays upgraded Relay Therapeutics from an "equal weight" rating to an "overweight" rating and set a $15.00 price target for the company in a research report on Friday. Leerink Partnrs reissued an "outperform" rating on shares of Relay Therapeutics in a report on Thursday, February 22nd. JMP Securities reaffirmed a "market outperform" rating and issued a $24.00 price objective on shares of Relay Therapeutics in a report on Monday. Finally, Stifel Nicolaus raised their target price on shares of Relay Therapeutics from $25.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, February 22nd. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $22.20.

Relay Therapeutics Stock Up 1.7 %

The company has a 50 day moving average of $7.58 and a two-hundred day moving average of $8.77. The firm has a market cap of $852.20 million, a P/E ratio of -2.39 and a beta of 1.68.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.62) earnings per share for the quarter, beating the consensus estimate of ($0.70) by $0.08. Relay Therapeutics had a negative net margin of 1,263.49% and a negative return on equity of 42.66%. The company had revenue of $10.01 million during the quarter, compared to analyst estimates of $0.12 million. During the same quarter last year, the firm posted ($0.78) EPS. The business's revenue for the quarter was up 4327.9% on a year-over-year basis. Research analysts expect that Relay Therapeutics, Inc. will post -2.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of RLAY. Allspring Global Investments Holdings LLC purchased a new position in Relay Therapeutics in the 1st quarter worth about $79,000. Los Angeles Capital Management LLC boosted its holdings in shares of Relay Therapeutics by 25.7% in the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company's stock worth $116,000 after buying an additional 2,850 shares during the period. Victory Capital Management Inc. purchased a new position in shares of Relay Therapeutics in the fourth quarter worth approximately $126,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Relay Therapeutics in the first quarter worth approximately $127,000. Finally, Aigen Investment Management LP purchased a new stake in shares of Relay Therapeutics in the 3rd quarter valued at approximately $142,000. 96.98% of the stock is 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.

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