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

Key Points

• Relay Therapeutics has received a consensus rating of "Moderate Buy" from twelve analysts, with an average price target of $17.67.
• CEO Sanjiv Patel sold 61,379 shares at approximately $3.57 each, reducing his ownership by 7.42%.
• The company reported a 23% year-over-year decline in revenue during the last quarter, totaling $7.68 million, beating earnings estimates.

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the twelve brokerages that are presently covering the firm, MarketBeat Ratings 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 target among brokerages that have issued a report on the stock in the last year is $17.67.

Several analysts have recently commented on RLAY shares. Guggenheim decreased their target price on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Wells Fargo & Company initiated coverage on Relay Therapeutics in a report on Thursday, April 17th. They set an "equal weight" rating and a $4.00 target price on the stock.

Relay Therapeutics Price Performance

Shares of RLAY traded down $0.16 during trading hours on Wednesday, reaching $3.36. 2,789,533 shares of the company's stock traded hands, compared to its average volume of 2,643,379. Relay Therapeutics has a twelve month low of $1.77 and a twelve month high of $10.72. The firm has a market capitalization of $576.07 million, a price-to-earnings ratio of -1.51 and a beta of 1.62. The business's fifty day simple moving average is $3.42 and its two-hundred day simple moving average is $3.39.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported ($0.46) EPS 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. During the same period in the prior year, the company earned ($0.62) earnings per share. The company's revenue for the quarter was down 23.0% on a year-over-year basis. On average, equities research analysts expect that Relay Therapeutics will post -2.55 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Thomas Catinazzo sold 18,380 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total transaction of $67,638.40. Following the transaction, the chief financial officer directly owned 335,295 shares in the company, valued at $1,233,885.60. The trade was a 5.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Donald A. Bergstrom sold 26,701 shares of Relay Therapeutics stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $3.68, for a total value of $98,259.68. Following the sale, the insider directly owned 552,720 shares in the company, valued at $2,034,009.60. The trade was a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 149,226 shares of company stock valued at $542,926 in the last ninety days. Company insiders own 4.87% of the company's stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. acquired a new position in shares of Relay Therapeutics in the 4th quarter worth approximately $779,000. Thrivent Financial for Lutherans raised its position in shares of Relay Therapeutics by 3.9% during the 4th quarter. Thrivent Financial for Lutherans now owns 166,668 shares of the company's stock valued at $687,000 after acquiring an additional 6,210 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Relay Therapeutics by 19.5% in the 4th quarter. Teacher Retirement System of Texas now owns 33,720 shares of the company's stock valued at $139,000 after buying an additional 5,492 shares in the last quarter. American Century Companies Inc. increased its position in shares of Relay Therapeutics by 23.3% in the 4th quarter. American Century Companies Inc. now owns 272,166 shares of the company's stock valued at $1,121,000 after buying an additional 51,499 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Relay Therapeutics in the 4th quarter valued at $102,000. 96.98% of the stock is owned by institutional investors and hedge funds.

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.