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

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the twelve research firms that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $17.67.

Several research analysts have issued reports on the stock. The Goldman Sachs Group dropped their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. Wells Fargo & Company began coverage on shares of Relay Therapeutics in a research note on Thursday, April 17th. They set an "equal weight" rating and a $4.00 price objective on the stock. Guggenheim cut their price objective on shares of Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. HC Wainwright restated a "buy" rating and set a $16.00 target price on shares of Relay Therapeutics in a report on Friday, March 7th. Finally, Stifel Nicolaus decreased 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.

Relay Therapeutics Trading Up 3.9%

Shares of NASDAQ RLAY traded up $0.13 during trading hours on Tuesday, reaching $3.49. The stock had a trading volume of 1,150,809 shares, compared to its average volume of 2,070,847. 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 $598.34 million, a price-to-earnings ratio of -1.34 and a beta of 1.59. The business's fifty day moving average price is $2.86 and its two-hundred day moving average price is $3.65.

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

Insiders Place Their Bets

In other Relay Therapeutics news, insider Peter Rahmer sold 10,739 shares of Relay Therapeutics stock in a transaction dated 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 now owns 390,081 shares of the company's stock, valued at approximately $1,170,243. The trade was a 2.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thomas Catinazzo sold 12,943 shares of the business's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total value of $38,829.00. Following the sale, the chief financial officer now owns 355,376 shares in the company, valued at approximately $1,066,128. The trade was a 3.51% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 94,320 shares of company stock valued at $280,981. Insiders own 4.87% of the company's stock.

Hedge Funds Weigh In On Relay Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC grew its position in Relay Therapeutics by 2,256.1% during the 1st quarter. Acadian Asset Management LLC now owns 682,028 shares of the company's stock worth $1,785,000 after purchasing an additional 653,081 shares during the period. Jane Street Group LLC lifted its holdings in shares of Relay Therapeutics by 47.6% in the 1st quarter. Jane Street Group LLC now owns 111,472 shares of the company's stock valued at $292,000 after buying an additional 35,962 shares during the period. Woodline Partners LP boosted its stake in shares of Relay Therapeutics by 448.4% in the first quarter. Woodline Partners LP now owns 1,518,561 shares of the company's stock worth $3,979,000 after buying an additional 1,241,657 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Relay Therapeutics during the first quarter worth about $53,000. Finally, Murchinson Ltd. acquired a new stake in Relay Therapeutics during the first quarter worth about $26,000. Institutional investors and hedge funds 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.