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

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) has received a consensus rating of "Moderate Buy" from the twelve brokerages that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $17.67.

A number of analysts recently issued reports on RLAY shares. Guggenheim lowered their target price on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Wells Fargo & Company began coverage on Relay Therapeutics in a research report on Thursday, April 17th. They set an "equal weight" rating and a $4.00 price target on the stock. HC Wainwright reissued a "buy" rating and issued a $16.00 price objective on shares of Relay Therapeutics in a report on Friday, March 7th. Stifel Nicolaus decreased their target price on shares of Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group dropped their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th.

Relay Therapeutics Stock Performance

Relay Therapeutics stock traded down $0.23 during midday trading on Tuesday, reaching $3.22. The stock had a trading volume of 2,016,102 shares, compared to its average volume of 2,321,418. Relay Therapeutics has a 1-year low of $1.77 and a 1-year high of $10.72. The firm's fifty day simple moving average is $2.94 and its 200-day simple moving average is $3.64. The stock has a market capitalization of $552.05 million, a P/E ratio of -1.23 and a beta of 1.59.

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

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 61,422 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $2.97, for a total transaction of $182,423.34. Following the transaction, the chief executive officer now owns 821,667 shares in the company, valued at $2,440,350.99. This represents a 6.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas Catinazzo sold 12,943 shares of Relay Therapeutics 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 completion of the sale, the chief financial officer now owns 355,376 shares of the company's stock, valued at approximately $1,066,128. The trade was a 3.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 94,320 shares of company stock worth $280,981 in the last ninety days. 4.87% of the stock is owned by company insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of large investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Relay Therapeutics during the 4th quarter worth $23,821,000. Tang Capital Management LLC increased its holdings in Relay Therapeutics by 126.1% in the 4th quarter. Tang Capital Management LLC now owns 8,068,058 shares of the company's stock valued at $33,240,000 after buying an additional 4,500,000 shares during the period. Millennium Management LLC raised its position in shares of Relay Therapeutics by 142.4% in the 4th quarter. Millennium Management LLC now owns 2,568,384 shares of the company's stock valued at $10,582,000 after buying an additional 1,508,777 shares in the last quarter. Woodline Partners LP lifted its holdings in shares of Relay Therapeutics by 448.4% during the 1st quarter. Woodline Partners LP now owns 1,518,561 shares of the company's stock worth $3,979,000 after acquiring an additional 1,241,657 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Relay Therapeutics by 69.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,964,997 shares of the company's stock worth $12,216,000 after acquiring an additional 1,216,334 shares in the last quarter. Institutional investors and hedge funds own 96.98% of the company's stock.

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.