Relay Therapeutics (NASDAQ:RLAY) Earns "Sell (D-)" Rating from Weiss Ratings

Key Points

• Weiss Ratings has restated a "sell (D-)" rating for Relay Therapeutics (NASDAQ:RLAY), indicating lack of confidence in the stock's performance.
• Despite the sell rating, Relay has received a range of ratings from analysts, with an average rating of "Moderate Buy" and a consensus target price of $16.50.
• Insider trading activity has seen company executives sell shares recently, with total sales amounting to $323,803 in the last 90 days, potentially signaling caution in the company's financial outlook.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report)'s stock had its "sell (d-)" rating restated by investment analysts at Weiss Ratings in a research report issued on Tuesday,Weiss Ratings reports.

RLAY has been the topic of a number of other research reports. Raymond James Financial dropped their target price on shares of Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating on the stock in a report on Friday, August 8th. HC Wainwright cut their price objective on shares of Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Tuesday, August 26th. Finally, Guggenheim began coverage on shares of Relay Therapeutics in a report on Thursday, September 4th. They set a "buy" rating and a $15.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $16.50.

Relay Therapeutics Price Performance

Relay Therapeutics stock traded down $0.13 during mid-day trading on Tuesday, hitting $6.14. The company's stock had a trading volume of 858,292 shares, compared to its average volume of 2,126,826. The business has a 50 day moving average price of $4.28 and a 200-day moving average price of $3.53. Relay Therapeutics has a 12 month low of $1.77 and a 12 month high of $7.00. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -3.15 and a beta of 1.75.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.08. The company had revenue of $0.70 million for the quarter, compared to analysts' expectations of $0.07 million. On average, equities research analysts expect that Relay Therapeutics will post -2.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Thomas Catinazzo sold 18,380 shares of the company's stock in a transaction on 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 of the company's stock, valued at $1,233,885.60. This represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Peter Rahmer sold 15,724 shares of the stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $3.68, for a total value of $57,864.32. Following the sale, the insider directly owned 377,998 shares in the company, valued at $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. Insiders sold a total of 87,847 shares of company stock worth $323,803 in the last 90 days. 4.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RLAY. Wealth Enhancement Advisory Services LLC bought a new stake in Relay Therapeutics in the 1st quarter worth approximately $41,000. Exchange Traded Concepts LLC boosted its stake in shares of Relay Therapeutics by 75.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 36,293 shares of the company's stock worth $95,000 after buying an additional 15,644 shares during the last quarter. AssuredPartners Investment Advisors LLC bought a new stake in shares of Relay Therapeutics in the first quarter worth $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 worth $157,000 after acquiring an additional 22,307 shares during the period. Finally, DekaBank Deutsche Girozentrale increased its position in Relay Therapeutics by 14.9% during 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 during the last quarter. 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.

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