Relay Therapeutics (NASDAQ:RLAY) Raised to "Strong-Buy" at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group upgraded Relay Therapeutics to “strong-buy,” adding to a generally bullish analyst backdrop. The stock now has an average Wall Street rating of “Buy” and a consensus price target of $24.17.
• Shares were down 0.7% around the time of the report, opening at $19.37 after reaching a 12-month high of $20.79. The company has a market value of $3.71 billion and remains unprofitable, with recent quarterly results missing estimates on both EPS and revenue.
• Insider selling has been notable, including stock sales by CEO Sanjiv Patel and insider Peter Rahmer. Despite that, institutional investors remain heavily involved, owning 96.98% of the company’s shares.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) was upgraded by Canaccord Genuity Group to a "strong-buy" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

A number of other analysts have also recently weighed in on RLAY. Citizens Jmp upped their price target on Relay Therapeutics from $19.00 to $21.00 and gave the company a "market outperform" rating in a research report on Wednesday, May 20th. Guggenheim boosted their target price on shares of Relay Therapeutics from $22.00 to $26.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. UBS Group set a $26.00 target price on shares of Relay Therapeutics in a research note on Tuesday, May 19th. Wells Fargo & Company upped their target price on shares of Relay Therapeutics from $17.00 to $21.00 and gave the stock an "overweight" rating in a report on Tuesday, April 28th. Finally, Barclays increased their target price on shares of Relay Therapeutics from $21.00 to $27.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 20th. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $24.17.

Relay Therapeutics Stock Down 0.7%

NASDAQ:RLAY opened at $19.37 on Thursday. The firm has a market capitalization of $3.71 billion, a PE ratio of -12.34 and a beta of 1.67. Relay Therapeutics has a 12-month low of $3.03 and a 12-month high of $20.79. The firm has a 50-day moving average price of $15.81 and a 200 day moving average price of $12.27.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.06). The firm had revenue of $3.00 million during the quarter, compared to the consensus estimate of $5.58 million. On average, research analysts expect that Relay Therapeutics will post -1.57 EPS for the current year.

Insider Activity at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 48,199 shares of the company's stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $19.58, for a total transaction of $943,736.42. Following the transaction, the chief executive officer directly owned 615,898 shares in the company, valued at approximately $12,059,282.84. This represents a 7.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Peter Rahmer sold 50,000 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $19.09, for a total transaction of $954,500.00. Following the sale, the insider directly owned 225,857 shares in the company, valued at $4,311,610.13. This trade represents a 18.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 426,127 shares of company stock worth $7,426,087 in the last quarter. Insiders own 5.04% of the company's stock.

Institutional Trading of Relay Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC raised its position in Relay Therapeutics by 11.9% in the 1st quarter. AQR Capital Management LLC now owns 364,946 shares of the company's stock worth $956,000 after purchasing an additional 38,812 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Relay Therapeutics by 6.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,069 shares of the company's stock valued at $221,000 after buying an additional 5,238 shares during the last quarter. Millennium Management LLC increased its stake in shares of Relay Therapeutics by 14.6% in the 1st quarter. Millennium Management LLC now owns 2,942,875 shares of the company's stock valued at $7,710,000 after buying an additional 374,491 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Relay Therapeutics in the 1st quarter valued at $53,000. Finally, Woodline Partners LP increased its stake in shares of Relay Therapeutics by 448.4% in the 1st quarter. Woodline Partners LP now owns 1,518,561 shares of the company's stock valued at $3,979,000 after buying an additional 1,241,657 shares during the period. Institutional investors and hedge funds own 96.98% of the company's stock.

Relay Therapeutics Company Profile

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.

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