Analysts Set Relay Therapeutics, Inc. (NASDAQ:RLAY) Target Price at $17.67

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the twelve ratings firms that are currently covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $17.67.

A number of brokerages recently issued reports on RLAY. Guggenheim lowered their price objective on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Wells Fargo & Company started 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 target on the stock.

Relay Therapeutics Trading Up 1.1%

Shares of NASDAQ:RLAY traded up $0.04 during mid-day trading on Friday, reaching $3.59. The company had a trading volume of 1,262,158 shares, compared to its average volume of 2,079,993. Relay Therapeutics has a one year low of $1.78 and a one year high of $10.72. The company's 50-day moving average price is $3.20 and its 200-day moving average price is $3.48. The firm has a market cap of $615.51 million, a price-to-earnings ratio of -1.61 and a beta of 1.62.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.04. The firm had revenue of $7.68 million during the quarter, compared to the consensus estimate of $0.01 million. During the same quarter in the previous year, the firm earned ($0.62) earnings per share. The business's quarterly revenue was down 23.0% compared to the same quarter last year. On average, research analysts anticipate that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Peter Rahmer sold 10,739 shares of Relay Therapeutics stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total transaction of $32,217.00. Following the completion of the sale, the insider owned 390,081 shares of the company's stock, valued at approximately $1,170,243. This trade represents a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjiv Patel sold 61,422 shares of the business's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $2.97, for a total value of $182,423.34. Following the transaction, the chief executive officer owned 821,667 shares of the company's stock, valued at approximately $2,440,350.99. The trade was a 6.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 89,158 shares of company stock valued at $266,321. Company insiders own 4.32% of the company's stock.

Institutional Trading of Relay Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. purchased a new position in shares of Relay Therapeutics during the fourth quarter worth about $779,000. Teacher Retirement System of Texas lifted its position in Relay Therapeutics by 19.5% during the fourth quarter. Teacher Retirement System of Texas now owns 33,720 shares of the company's stock valued at $139,000 after purchasing an additional 5,492 shares during the last quarter. Norges Bank purchased a new position in Relay Therapeutics in the 4th quarter worth approximately $23,821,000. Nuveen Asset Management LLC increased its holdings in shares of Relay Therapeutics by 137.5% in the 4th quarter. Nuveen Asset Management LLC now owns 653,428 shares of the company's stock worth $2,692,000 after buying an additional 378,322 shares during the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of Relay Therapeutics by 8.6% in the 4th quarter. Rhumbline Advisers now owns 171,444 shares of the company's stock worth $706,000 after buying an additional 13,532 shares during the last quarter. Hedge funds and other institutional investors own 96.98% of the company's stock.

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.