Relay Therapeutics (NASDAQ:RLAY) Given New $21.00 Price Target at Citizens Jmp

Key Points

• Citizens JMP raised its price target on Relay Therapeutics from $19 to $21 and kept an outperform rating, implying about 74% upside from the prior close.
• Wall Street sentiment remains broadly positive, with several other firms also lifting targets or reiterating bullish ratings; the stock now has a Moderate Buy consensus and an average price target of $22.60.
• The company recently reported a Q1 earnings miss and its CFO sold shares, while Relay also announced a $175 million stock offering that could dilute shareholders despite a stated cash runway into 2029.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) had its price objective raised by stock analysts at Citizens Jmp from $19.00 to $21.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "market outperform" rating on the stock. Citizens Jmp's price target would suggest a potential upside of 73.99% from the stock's previous close.

Other equities analysts also recently issued reports about the company. UBS Group set a $26.00 target price on Relay Therapeutics in a research report on Tuesday. Citigroup reaffirmed an "outperform" rating on shares of Relay Therapeutics in a research report on Wednesday. HC Wainwright boosted their price target on Relay Therapeutics from $19.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Wells Fargo & Company raised their price objective on Relay Therapeutics from $17.00 to $21.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 28th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of Relay Therapeutics in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $22.60.

Relay Therapeutics Stock Down 0.2%

RLAY stock opened at $12.07 on Wednesday. The firm has a 50 day moving average of $12.56 and a 200 day moving average of $9.62. The stock has a market capitalization of $2.31 billion, a PE ratio of -7.69 and a beta of 1.74. Relay Therapeutics has a 52 week low of $2.75 and a 52 week high of $17.32.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.06). The business had revenue of $3.00 million for the quarter, compared to analyst estimates of $5.58 million. On average, equities research analysts expect that Relay Therapeutics will post -1.6 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 17,717 shares of the company's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $12.86, for a total value of $227,840.62. Following the sale, the chief financial officer directly owned 195,178 shares of the company's stock, valued at approximately $2,509,989.08. This represents a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 40,449 shares of company stock worth $532,889 in the last three months. Insiders own 5.04% of the company's stock.

Institutional Trading of Relay Therapeutics

Hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC grew its holdings in Relay Therapeutics by 1.1% during the first quarter. Sanctuary Advisors LLC now owns 143,816 shares of the company's stock worth $1,431,000 after acquiring an additional 1,588 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Relay Therapeutics by 26.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,422 shares of the company's stock worth $71,000 after purchasing an additional 1,757 shares in the last quarter. Abel Hall LLC boosted its position in Relay Therapeutics by 16.2% in the 4th quarter. Abel Hall LLC now owns 12,984 shares of the company's stock worth $110,000 after purchasing an additional 1,809 shares in the last quarter. Cresset Asset Management LLC grew its stake in shares of Relay Therapeutics by 5.0% during the 3rd quarter. Cresset Asset Management LLC now owns 38,932 shares of the company's stock worth $203,000 after purchasing an additional 1,848 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its stake in shares of Relay Therapeutics by 8.1% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 27,871 shares of the company's stock worth $145,000 after purchasing an additional 2,079 shares during the period. Hedge funds and other institutional investors own 96.98% of the company's stock.

Relay Therapeutics News Summary

Here are the key news stories impacting Relay Therapeutics this week:

• Positive Sentiment: Relay Therapeutics’ zovegalisib showed promising early efficacy and tolerability in vascular anomalies, strengthening the case for a broader commercial opportunity. Article: Relay Therapeutics Announces Initial Clinical Data Demonstrating That Zovegalisib Has Potential for Differentiated Safety and Efficacy in Patients with PIK3CA-Driven Vascular Anomalies
• Positive Sentiment: Raymond James raised its price target on RLAY to $26 and reiterated a strong-buy view, reflecting optimism around the pipeline. Article: Relay Therapeutics price target raised by Raymond James
• Neutral Sentiment: The company said it has a sizable cash position and runway into 2029, which reduces near-term financing concerns, but this was largely offset by the announced $175 million stock offering. Article: Relay Therapeutics Announces Proposed Public Offering of Common Stock
• Negative Sentiment: Relay launched a proposed public offering of common stock, which can dilute existing shareholders and pressure the stock in the near term. Article: Relay Therapeutics Announces Proposed Public Offering of Common Stock

About Relay Therapeutics

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of precision therapies for oncology. Headquartered in Cambridge, Massachusetts, the company was founded in 2016 with the goal of targeting dynamic protein motion using an integrated scientific platform. Relay Therapeutics leverages computational modeling, structural biology, and experimental validation to identify small-molecule drug candidates that modulate the behavior of disease-associated proteins.

The company's core business activity centers on its proprietary drug-discovery engine, which combines high-performance computing—including molecular dynamics simulations—with advanced experimental techniques such as cryo-electron microscopy and biophysical screening.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.