Relay Therapeutics, Inc. (NASDAQ:RLAY) Receives $17.67 Consensus Target Price from Brokerages

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) has been assigned an average rating of "Moderate Buy" from the twelve ratings firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $17.67.

A number of research analysts recently issued reports on RLAY shares. The Goldman Sachs Group lowered their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Stifel Nicolaus lowered their price target on shares of Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Wells Fargo & Company started coverage on shares of Relay Therapeutics in a research report on Thursday, April 17th. They set an "equal weight" rating and a $4.00 price target for the company. Guggenheim decreased their target price 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. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $16.00 target price on shares of Relay Therapeutics in a report on Friday, March 7th.

Relay Therapeutics Price Performance

NASDAQ RLAY traded down $0.19 during trading hours on Friday, reaching $2.86. 1,116,578 shares of the company's stock traded hands, compared to its average volume of 2,068,422. Relay Therapeutics has a 52-week low of $1.78 and a 52-week high of $10.72. The firm has a market cap of $490.33 million, a PE ratio of -1.10 and a beta of 1.65. The firm has a 50-day simple moving average of $2.83 and a 200 day simple moving average of $3.89.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.50) by $0.04. The business had revenue of $7.68 million for the quarter, compared to analysts' expectations of $0.01 million. During the same period last year, the business earned ($0.62) earnings per share. The company's revenue was down 23.0% on a year-over-year basis. Sell-side analysts forecast that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insider Activity

In related news, CFO Thomas Catinazzo sold 12,943 shares of the business's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total transaction of $38,829.00. Following the completion of the sale, the chief financial officer now directly owns 355,376 shares in the company, valued at approximately $1,066,128. The trade was a 3.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Peter Rahmer sold 10,739 shares of the business's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total transaction of $32,217.00. Following the sale, the insider now owns 390,081 shares of the company's stock, valued at $1,170,243. This trade represents a 2.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 94,320 shares of company stock valued at $280,981 over the last three months. Insiders own 4.87% of the company's stock.

Institutional Trading of Relay Therapeutics

Several large investors have recently added to or reduced their stakes in RLAY. Murchinson Ltd. bought a new stake in Relay Therapeutics during the first quarter valued at approximately $26,000. Steward Partners Investment Advisory LLC grew its position in Relay Therapeutics by 160.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company's stock valued at $27,000 after buying an additional 4,000 shares during the period. DRW Securities LLC bought a new stake in Relay Therapeutics during the first quarter valued at approximately $28,000. AssuredPartners Investment Advisors LLC bought a new stake in Relay Therapeutics during the first quarter valued at approximately $29,000. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in Relay Therapeutics during the first quarter valued at approximately $41,000. 96.98% of the stock is currently 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.