Relay Therapeutics (NASDAQ:RLAY) Upgraded to "Overweight" by Barclays

Barclays upgraded shares of Relay Therapeutics (NASDAQ:RLAY - Free Report) from an equal weight rating to an overweight rating in a report published on Friday, Marketbeat reports. They currently have $15.00 target price on the stock.

Several other equities research analysts have also commented on the stock. Leerink Partnrs restated an outperform rating on shares of Relay Therapeutics in a report on Thursday, February 22nd. JMP Securities reissued a market outperform rating and set a $24.00 target price on shares of Relay Therapeutics in a research report on Monday. Oppenheimer reissued an outperform rating and set a $25.00 target price (down previously from $33.00) on shares of Relay Therapeutics in a research report on Monday. Finally, Stifel Nicolaus boosted their target price on shares of Relay Therapeutics from $25.00 to $30.00 and gave the stock a buy rating in a research report on Thursday, February 22nd. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of Buy and a consensus target price of $22.20.

Relay Therapeutics Price Performance

Shares of RLAY stock traded up $0.11 during trading hours on Friday, reaching $6.42. 1,407,873 shares of the stock were exchanged, compared to its average volume of 1,201,156. Relay Therapeutics has a 12-month low of $5.70 and a 12-month high of $13.32. The company's 50-day moving average price is $7.58 and its 200-day moving average price is $8.77.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.62) EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $10.01 million during the quarter, compared to analysts' expectations of $0.12 million. During the same period in the previous year, the company earned ($0.78) EPS. The firm's revenue for the quarter was up 4327.9% compared to the same quarter last year. Equities research analysts anticipate that Relay Therapeutics will post -2.82 earnings per share for the current year.

Institutional Trading of Relay Therapeutics

A number of hedge funds have recently added to or reduced their stakes in RLAY. Norges Bank acquired a new position in Relay Therapeutics during the fourth quarter worth $33,789,000. BVF Inc. IL raised its position in shares of Relay Therapeutics by 67.8% in the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company's stock valued at $43,710,000 after buying an additional 1,604,240 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Relay Therapeutics by 10.9% in the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company's stock valued at $98,070,000 after buying an additional 1,165,282 shares during the last quarter. Bellevue Group AG raised its position in shares of Relay Therapeutics by 21.5% in the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company's stock valued at $65,356,000 after buying an additional 1,051,082 shares during the last quarter. Finally, Finepoint Capital LP raised its position in shares of Relay Therapeutics by 51.3% in the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company's stock valued at $14,510,000 after buying an additional 447,000 shares during the last quarter. 96.98% of the stock is owned by hedge funds and other institutional investors.

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.