Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives $17.25 Consensus Target Price from Analysts

Key Points

• Relay Therapeutics has an average recommendation of "Moderate Buy" from analysts, with a 12-month target price of $17.25.
• CFO Thomas Catinazzo sold 18,380 shares at an average price of $3.68, reducing his ownership by 5.20%.
• Relay Therapeutics reported earnings of $(0.41) per share, surpassing analyst expectations and indicating potential financial improvement.

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) have received a consensus rating of "Moderate Buy" from the thirteen brokerages that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $17.0833.

RLAY has been the subject of several research reports. HC Wainwright decreased their price target on shares of Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday. Raymond James Financial decreased their price target on shares of Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating for the company in a report on Friday, August 8th. Finally, Guggenheim decreased their price target on shares of Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating for the company in a report on Wednesday, May 7th.

Insider Activity

In related news, CFO Thomas Catinazzo sold 18,380 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $3.68, for a total transaction of $67,638.40. Following the transaction, the chief financial officer owned 335,295 shares of the company's stock, valued at approximately $1,233,885.60. This trade represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Donald A. Bergstrom sold 26,701 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $3.68, for a total transaction of $98,259.68. Following the transaction, the insider directly owned 552,720 shares in the company, valued at approximately $2,034,009.60. The trade was a 4.61% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 149,226 shares of company stock valued at $542,926. 4.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Captrust Financial Advisors bought a new position in Relay Therapeutics during the second quarter valued at approximately $49,000. Man Group plc raised its position in shares of Relay Therapeutics by 45.1% in the second quarter. Man Group plc now owns 298,510 shares of the company's stock valued at $1,033,000 after purchasing an additional 92,789 shares during the period. Engineers Gate Manager LP raised its position in shares of Relay Therapeutics by 31.5% in the second quarter. Engineers Gate Manager LP now owns 38,719 shares of the company's stock valued at $134,000 after purchasing an additional 9,281 shares during the period. BNP Paribas Financial Markets raised its position in shares of Relay Therapeutics by 90.6% in the second quarter. BNP Paribas Financial Markets now owns 35,441 shares of the company's stock valued at $123,000 after purchasing an additional 16,851 shares during the period. Finally, Bellevue Group AG raised its position in shares of Relay Therapeutics by 11.6% in the second quarter. Bellevue Group AG now owns 8,230,870 shares of the company's stock valued at $28,479,000 after purchasing an additional 853,578 shares during the period. Institutional investors own 96.98% of the company's stock.

Relay Therapeutics Trading Down 2.7%

RLAY stock traded down $0.10 during mid-day trading on Friday, reaching $3.59. 1,094,896 shares of the stock traded hands, compared to its average volume of 1,540,850. The stock's fifty day moving average is $3.53 and its 200-day moving average is $3.25. The company has a market cap of $618.95 million, a P/E ratio of -1.84 and a beta of 1.62. Relay Therapeutics has a 52-week low of $1.77 and a 52-week high of $10.72.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.08. The company had revenue of $0.70 million for the quarter, compared to analyst estimates of $0.07 million. Equities research analysts expect that Relay Therapeutics will post -2.55 earnings per share for the current year.

About Relay Therapeutics

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.