Relay Therapeutics, Inc. (NASDAQ:RLAY) Given Consensus Recommendation of "Moderate Buy" by Brokerages

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

Several equities research analysts have recently weighed in on the stock. Guggenheim reduced 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. HC Wainwright reiterated a "buy" rating and set a $16.00 price target on shares of Relay Therapeutics in a report on Friday, March 7th. Finally, Wells Fargo & Company assumed coverage on shares of Relay Therapeutics in a research report on Thursday, April 17th. They issued an "equal weight" rating and a $4.00 price objective on the stock.

Insiders Place Their Bets

In other news, CFO Thomas Catinazzo sold 12,943 shares of the firm'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 transaction, the chief financial officer directly owned 355,376 shares of the company's stock, valued at approximately $1,066,128. This trade represents a 3.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 value of $32,217.00. Following the completion of the sale, the insider owned 390,081 shares of the company's stock, valued at $1,170,243. The trade was a 2.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 89,158 shares of company stock worth $266,321 in the last three months. Corporate insiders own 4.87% of the company's stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in RLAY. Vanguard Group Inc. raised its holdings in shares of Relay Therapeutics by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 15,030,209 shares of the company's stock valued at $61,924,000 after acquiring an additional 566,595 shares in the last quarter. Tang Capital Management LLC increased its position in Relay Therapeutics by 126.1% during the 4th quarter. Tang Capital Management LLC now owns 8,068,058 shares of the company's stock valued at $33,240,000 after purchasing an additional 4,500,000 shares during the period. Norges Bank bought a new stake in shares of Relay Therapeutics in the 4th quarter valued at about $23,821,000. Geode Capital Management LLC raised its holdings in shares of Relay Therapeutics by 10.9% in the 4th quarter. Geode Capital Management LLC now owns 3,030,157 shares of the company's stock valued at $12,487,000 after purchasing an additional 297,887 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Relay Therapeutics by 69.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,964,997 shares of the company's stock worth $12,216,000 after purchasing an additional 1,216,334 shares during the period. Institutional investors own 96.98% of the company's stock.

Relay Therapeutics Price Performance

Shares of RLAY stock opened at $3.62 on Friday. The company has a market cap of $620.65 million, a PE ratio of -1.62 and a beta of 1.62. Relay Therapeutics has a 1 year low of $1.78 and a 1 year high of $10.72. The stock's 50 day simple moving average is $3.18 and its two-hundred day simple moving average is $3.50.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported ($0.46) earnings per share for the quarter, beating the consensus estimate of ($0.50) by $0.04. The company had revenue of $7.68 million for the quarter, compared to analysts' expectations of $0.01 million. The business's quarterly revenue was down 23.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.62) EPS. Equities research analysts expect that Relay Therapeutics will post -2.55 EPS 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.

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