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

Key Points

• Relay Therapeutics has received a consensus recommendation of "Moderate Buy" from nine research firms, with an average price target of $16.50 for the stock.
• The company reported earnings of ($0.41) per share in its last quarter, surpassing expectations, and generated $0.70 million in revenue compared to analyst estimates of $0.07 million.
• Recent insider trading shows a significant 4.32% of the company's stock is owned by insiders, with key executives selling a total of 87,847 shares valued at $323,803 in the last ninety days.

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the nine research firms that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $16.50.

A number of research firms recently weighed in on RLAY. HC Wainwright dropped their price target on Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Tuesday, August 26th. Raymond James Financial lowered their price objective on Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating for the company in a research note on Friday, August 8th. Weiss Ratings reissued a "sell (e+)" rating on shares of Relay Therapeutics in a research note on Saturday, September 27th. Finally, Guggenheim assumed coverage on Relay Therapeutics in a research note on Thursday, September 4th. They issued a "buy" rating and a $15.00 price objective for the company.

Relay Therapeutics Stock Performance

RLAY stock opened at $6.50 on Monday. The stock's 50 day simple moving average is $4.22 and its 200 day simple moving average is $3.50. Relay Therapeutics has a fifty-two week low of $1.77 and a fifty-two week high of $7.07. The company has a market cap of $1.12 billion, a P/E ratio of -3.33 and a beta of 1.75.

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

Insider Buying and Selling

In other news, insider Brian Adams sold 18,276 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total value of $67,255.68. Following the completion of the sale, the insider directly owned 371,472 shares of the company's stock, valued at $1,367,016.96. This represents a 4.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Peter Rahmer sold 15,724 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total value of $57,864.32. Following the completion of the sale, the insider directly owned 377,998 shares of the company's stock, valued at approximately $1,391,032.64. This trade represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,847 shares of company stock valued at $323,803. 4.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors have recently modified their holdings of RLAY. Wealth Enhancement Advisory Services LLC bought a new position in shares of Relay Therapeutics in the first quarter valued at approximately $41,000. Exchange Traded Concepts LLC grew its holdings in shares of Relay Therapeutics by 75.8% in the first quarter. Exchange Traded Concepts LLC now owns 36,293 shares of the company's stock valued at $95,000 after acquiring an additional 15,644 shares in the last quarter. AssuredPartners Investment Advisors LLC bought a new position in shares of Relay Therapeutics in the first quarter valued at approximately $29,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Relay Therapeutics by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 63,606 shares of the company's stock valued at $157,000 after acquiring an additional 22,307 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings in shares of Relay Therapeutics by 14.9% in the first quarter. DekaBank Deutsche Girozentrale now owns 68,937 shares of the company's stock valued at $181,000 after acquiring an additional 8,937 shares in the last quarter. 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.

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