Raymond James Financial Has Lowered Expectations for Relay Therapeutics (NASDAQ:RLAY) Stock Price

Key Points

• Raymond James Financial has lowered its price target for Relay Therapeutics from $29.00 to $19.00, indicating a potential upside of 491.35% from the current stock price.
• Despite the decreased target, the stock maintains a "strong-buy" rating, with a majority of analysts giving it a buy or hold rating.
• Relay Therapeutics reported a quarterly EPS of ($0.41), beating consensus estimates and generating $0.70 million in revenue, exceeding expectations of $0.07 million.

Relay Therapeutics (NASDAQ:RLAY - Free Report) had its price objective reduced by Raymond James Financial from $29.00 to $19.00 in a research report released on Friday,Benzinga reports. Raymond James Financial currently has a strong-buy rating on the stock.

A number of other equities research analysts have also recently issued reports on the company. Guggenheim reduced their price objective on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Wells Fargo & Company began coverage on Relay Therapeutics in a research report on Thursday, April 17th. They issued an "equal weight" rating and a $4.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $17.25.

Relay Therapeutics Stock Performance

RLAY stock traded up $0.10 during mid-day trading on Friday, hitting $3.35. 1,787,460 shares of the company were exchanged, compared to its average volume of 2,319,582. The firm has a market cap of $577.57 million, a P/E ratio of -1.72 and a beta of 1.62. The firm's 50 day simple moving average is $3.47 and its 200 day simple moving average is $3.33. Relay Therapeutics has a 1-year low of $1.77 and a 1-year high of $10.72.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.41) earnings per share (EPS) 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. On average, equities research analysts predict that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insider Activity

In other Relay Therapeutics news, insider Peter Rahmer sold 15,724 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total transaction of $57,864.32. Following the completion of the transaction, the insider owned 377,998 shares of the company's stock, valued at approximately $1,391,032.64. The trade was a 3.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Donald A. Bergstrom sold 26,701 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total value of $98,259.68. Following the transaction, the insider directly owned 552,720 shares of the company's stock, valued at approximately $2,034,009.60. The trade was a 4.61% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 149,226 shares of company stock valued at $542,926. Corporate insiders own 4.32% of the company's stock.

Institutional Trading of Relay Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in RLAY. Tang Capital Management LLC boosted its holdings in Relay Therapeutics by 126.1% in the fourth quarter. Tang Capital Management LLC now owns 8,068,058 shares of the company's stock valued at $33,240,000 after acquiring an additional 4,500,000 shares during the last quarter. Millennium Management LLC boosted its holdings in Relay Therapeutics by 142.4% in the fourth quarter. Millennium Management LLC now owns 2,568,384 shares of the company's stock valued at $10,582,000 after acquiring an additional 1,508,777 shares during the last quarter. Woodline Partners LP boosted its holdings in Relay Therapeutics by 448.4% in the first quarter. Woodline Partners LP now owns 1,518,561 shares of the company's stock valued at $3,979,000 after acquiring an additional 1,241,657 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings 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 buying an additional 1,216,334 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of Relay Therapeutics by 130.8% during the 4th quarter. Renaissance Technologies LLC now owns 1,549,190 shares of the company's stock worth $6,383,000 after buying an additional 878,095 shares during the period. 96.98% of the stock is currently owned by institutional investors.

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.