Relay Therapeutics (NASDAQ:RLAY) Stock Breaks Above Fifty Day Moving Average - Here's What Happened

Key Points

• Relay Therapeutics shares rose 9.4% and moved above their 50-day moving average of $18.31, reaching $18.72 before last trading at $18.60.
• Analysts’ average rating is Moderate Buy, with an average price target of $25.92; JPMorgan and Goldman Sachs recently raised their targets to $31.
• The company reported quarterly EPS of -$0.37, beating the consensus estimate of -$0.40. Insiders sold about 6.15 million shares worth $119.2 million over the past 90 days.

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report)'s share price crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $18.31 and traded as high as $18.72. Relay Therapeutics shares last traded at $18.60, with a volume of 3,200,741 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Canaccord Genuity Group started coverage on Relay Therapeutics in a research report on Thursday, July 16th. They set a "buy" rating and a $29.00 price target for the company. Guggenheim reiterated a "buy" rating on shares of Relay Therapeutics in a report on Friday, August 7th. JPMorgan Chase & Co. boosted their target price on Relay Therapeutics from $28.00 to $31.00 and gave the stock an "overweight" rating in a report on Friday, August 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Relay Therapeutics in a report on Friday, October 2nd. Finally, The Goldman Sachs Group increased their target price on shares of Relay Therapeutics from $22.00 to $31.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $25.92.

Relay Therapeutics Trading Up 9.4%

The stock's fifty day simple moving average is $18.31 and its 200-day simple moving average is $15.20. The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of -12.32 and a beta of 1.74.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported ($0.37) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.03. On average, analysts anticipate that Relay Therapeutics, Inc. will post -1.61 EPS for the current fiscal year.

Insider Transactions at Relay Therapeutics

In related news, insider Donald Bergstrom sold 2,252 shares of the business's stock in a transaction that occurred on Wednesday, October 28th. The stock was sold at an average price of $18.62, for a total value of $41,932.24. Following the transaction, the insider directly owned 396,878 shares of the company's stock, valued at approximately $7,389,868.36. The trade was a 0.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Sanjiv Patel sold 48,199 shares of the firm's stock in a transaction dated Wednesday, October 7th. The shares were sold at an average price of $18.10, for a total transaction of $872,401.90. Following the completion of the transaction, the chief executive officer directly owned 471,301 shares in the company, valued at $8,530,548.10. This represents a 9.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 6,149,344 shares of company stock worth $119,185,625. Company insiders own 5.04% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Relay Therapeutics in the third quarter worth about $33,000. KBC Group NV bought a new position in shares of Relay Therapeutics during the first quarter valued at approximately $34,000. Allworth Financial LP acquired a new stake in Relay Therapeutics during the 2nd quarter worth about $34,000. GAMMA Investing LLC grew its holdings in shares of 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. Finally, Meeder Asset Management Inc. purchased a new position in Relay Therapeutics in the second quarter valued at approximately $62,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.