Relay Therapeutics (NASDAQ:RLAY) Sees Large Volume Increase - Still a Buy?

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) saw an uptick in trading volume on Thursday . 7,253,205 shares changed hands during trading, an increase of 219% from the previous session's volume of 2,277,047 shares.The stock last traded at $3.75 and had previously closed at $3.79.

Analyst Ratings Changes

Several research firms recently commented on RLAY. Wells Fargo & Company began coverage on shares of Relay Therapeutics in a research note on Thursday, April 17th. They set an "equal weight" rating and a $4.00 target price for the company. Guggenheim cut their target price on shares of Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Relay Therapeutics has an average rating of "Moderate Buy" and an average target price of $17.67.

Relay Therapeutics Stock Performance

The company has a 50 day moving average of $3.32 and a 200 day moving average of $3.44. The firm has a market cap of $630.94 million, a P/E ratio of -1.65 and a beta of 1.62.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.04. The business had revenue of $7.68 million for the quarter, compared to analyst estimates of $0.01 million. During the same quarter last year, the company earned ($0.62) EPS. The business's revenue for the quarter was down 23.0% compared to the same quarter last year. As a group, analysts expect that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Insider Activity at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 12,943 shares of Relay Therapeutics stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total value of $38,829.00. Following the completion of the sale, the chief financial officer owned 355,376 shares of the company's stock, valued at approximately $1,066,128. The trade was a 3.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sanjiv Patel sold 61,379 shares of the stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $3.57, for a total value of $219,123.03. Following the transaction, the chief executive officer owned 765,288 shares in the company, valued at approximately $2,732,078.16. This trade represents a 7.42% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 89,115 shares of company stock valued at $303,020. Insiders own 4.87% of the company's stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of hedge funds have recently bought and sold shares of RLAY. Norges Bank bought a new position in shares of Relay Therapeutics during the 4th quarter worth approximately $23,821,000. Tang Capital Management LLC increased its position 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 worth $33,240,000 after purchasing an additional 4,500,000 shares during the period. Millennium Management LLC raised its position in shares of Relay Therapeutics by 142.4% during the 4th 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 lifted its stake 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 buying an additional 1,241,657 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Relay Therapeutics by 69.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,964,997 shares of the company's stock valued at $12,216,000 after acquiring an additional 1,216,334 shares during the period. 96.98% of the stock is currently owned by institutional investors.

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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