Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives Average Rating of "Moderate Buy" from Brokerages

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 an average recommendation of "Moderate Buy" from the thirteen research firms that are covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $17.0833.

Several research firms have recently issued reports on RLAY. HC Wainwright decreased their price objective on shares of Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday. Guggenheim lowered their target price on shares of Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, Raymond James Financial decreased their price target on shares of Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating on the stock in a research report on Friday, August 8th.

Relay Therapeutics Trading Up 2.7%

NASDAQ:RLAY traded up $0.10 on Friday, reaching $3.67. The stock had a trading volume of 399,711 shares, compared to its average volume of 2,224,719. The company has a 50-day moving average of $3.51 and a 200 day moving average of $3.26. The stock has a market cap of $631.88 million, a P/E ratio of -1.88 and a beta of 1.62. Relay Therapeutics has a 12-month low of $1.77 and a 12-month high of $10.72.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.49) by $0.08. The company had revenue of $0.70 million during the quarter, compared to analyst estimates of $0.07 million. On average, equities analysts predict that Relay Therapeutics will post -2.55 EPS for the current year.

Insider Buying and Selling

In other news, CEO Sanjiv Patel sold 61,379 shares of Relay Therapeutics stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $3.57, for a total transaction of $219,123.03. Following the sale, the chief executive officer directly owned 765,288 shares in the company, valued at approximately $2,732,078.16. The trade was a 7.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Donald A. Bergstrom sold 26,701 shares of Relay Therapeutics stock in a transaction dated 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 of the company's stock, valued at $2,034,009.60. This represents a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 149,226 shares of company stock worth $542,926. 4.87% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Relay Therapeutics

Institutional investors have recently modified their holdings of the stock. Murchinson Ltd. bought a new position in shares of Relay Therapeutics in the first quarter worth about $26,000. DRW Securities LLC bought a new stake in shares of Relay Therapeutics during the first quarter worth approximately $28,000. AssuredPartners Investment Advisors LLC bought a new stake in shares of Relay Therapeutics during the first quarter worth approximately $29,000. FNY Investment Advisers LLC raised its stake in shares of Relay Therapeutics by 100.0% during the second quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company's stock worth $34,000 after buying an additional 5,000 shares during the last quarter. Finally, Quinn Opportunity Partners LLC bought a new stake in shares of Relay Therapeutics during the second quarter worth approximately $35,000. 96.98% of the stock is owned by 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.