Relay Therapeutics (NASDAQ:RLAY) Shares Up 7.7% - What's Next?

Key Points

• Relay Therapeutics shares rose 7.7% to approximately $18.41, although trading volume was 86% below the average session volume.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $25.92; several firms recently raised targets to $29–$31.
• The company missed quarterly expectations, reporting an adjusted loss of $0.41 per share versus the $0.39 consensus estimate and revenue of $0.35 million versus $0.96 million expected. Meanwhile, insiders sold more than 6.1 million shares worth approximately $119.2 million in the last quarter.

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) traded up 7.7% on Tuesday. The stock traded as high as $18.36 and last traded at $18.41. Approximately 441,169 shares were traded during trading, a decline of 86% from the average session volume of 3,160,879 shares. The stock had previously closed at $17.09.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. HC Wainwright boosted their target price on Relay Therapeutics from $28.00 to $29.00 and gave the stock a "buy" rating in a report on Thursday, August 20th. The Goldman Sachs Group boosted their price objective on shares of Relay Therapeutics from $22.00 to $31.00 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Citigroup reaffirmed a "market outperform" rating on shares of Relay Therapeutics in a report on Monday, August 10th. JPMorgan Chase & Co. raised their target price on shares of Relay Therapeutics from $28.00 to $31.00 and gave the company an "overweight" rating in a research note on Friday, August 14th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Relay Therapeutics in a research report on Friday, October 2nd. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Relay Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $25.92.

Relay Therapeutics Stock Up 6.9%

The firm has a 50-day moving average price of $18.77 and a two-hundred day moving average price of $16.98. The company has a market capitalization of $4.00 billion, a P/E ratio of -11.64 and a beta of 1.72.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.02). The company had revenue of $0.35 million for the quarter, compared to analysts' expectations of $0.96 million. On average, analysts predict that Relay Therapeutics, Inc. will post -1.61 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Pauling (Cayman) Ltd Svf sold 6,000,000 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 21,904,963 shares in the company, valued at $424,956,282.20. The trade was a 21.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Peter Rahmer sold 4,508 shares of the company's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $20.03, for a total value of $90,295.24. Following the completion of the transaction, 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 position. The disclosure for this sale is available in the SEC filing. Insiders have sold 6,149,314 shares of company stock valued at $119,185,022 in the last quarter. 5.04% of the stock is currently owned by insiders.

Institutional Trading of Relay Therapeutics

Several institutional investors have recently modified their holdings of RLAY. GAMMA Investing LLC boosted its holdings in Relay Therapeutics by 108.3% in the 3rd quarter. GAMMA Investing LLC now owns 2,850 shares of the company's stock worth $51,000 after buying an additional 1,482 shares during the period. Sanctuary Advisors LLC raised its holdings 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 acquiring an additional 1,588 shares during the period. Allworth Financial LP bought a new stake in Relay Therapeutics during the 2nd quarter valued at $34,000. Meeder Asset Management Inc. purchased a new stake in shares of Relay Therapeutics during the second quarter worth $62,000. Finally, KBC Group NV purchased a new stake in shares of Relay Therapeutics during the first quarter worth $34,000. Institutional investors and hedge funds 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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