Relay Therapeutics (NASDAQ:RLAY) Hits New 52-Week High - Time to Buy?

Key Points

• Relay Therapeutics (NASDAQ: RLAY) has reached a new 52-week high of $7.02 during trading, reflecting a significant increase from its previous closing price of $6.49.
• Analysts have mixed ratings on RLAY, with one Strong Buy, six Buy, one Hold, and one Sell rating, and a revised average price target now at $16.50.
• Despite reporting a beat on earnings expectations with a loss of ($0.41) per share versus a consensus of ($0.49), the company's revenue was significantly higher than anticipated at $0.70 million.

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $7.02 and last traded at $6.93, with a volume of 738818 shares traded. The stock had previously closed at $6.49.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on RLAY shares. Raymond James Financial cut their price target on 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 target price 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. Weiss Ratings reissued a "sell (d-)" rating on shares of Relay Therapeutics in a research note on Tuesday, October 14th. Finally, Guggenheim began coverage on Relay Therapeutics in a report on Thursday, September 4th. They set a "buy" rating and a $15.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $16.50.

Relay Therapeutics Stock Up 10.0%

The company has a 50 day moving average of $4.51 and a two-hundred day moving average of $3.64. The firm has a market cap of $1.23 billion, a P/E ratio of -3.66 and a beta of 1.75.

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

Insider Buying and Selling at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 18,380 shares of the 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 completion of the sale, the chief financial officer owned 335,295 shares in the company, valued at approximately $1,233,885.60. This represents a 5.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brian Adams sold 18,276 shares of the firm's stock in a transaction 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 sale, the insider directly owned 371,472 shares of the company's stock, valued at approximately $1,367,016.96. This represents a 4.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 87,847 shares of company stock valued at $323,803 in the last ninety days. Company insiders own 4.32% of the company's stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of RLAY. Allspring Global Investments Holdings LLC increased its stake in Relay Therapeutics by 54.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 63,606 shares of the company's stock worth $157,000 after purchasing an additional 22,307 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Relay Therapeutics by 2,256.1% in the first quarter. Acadian Asset Management LLC now owns 682,028 shares of the company's stock worth $1,785,000 after acquiring an additional 653,081 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Relay Therapeutics during the first quarter valued at approximately $41,000. DekaBank Deutsche Girozentrale raised its holdings in shares of 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 period. Finally, OMERS ADMINISTRATION Corp purchased a new stake in shares of Relay Therapeutics in the 1st quarter valued at approximately $223,000. 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.

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