Relay Therapeutics (NASDAQ:RLAY) Trading Up 5.1% - Here's Why

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report)'s share price traded up 5.1% during mid-day trading on Wednesday . The company traded as high as $2.98 and last traded at $3.00. 163,148 shares were traded during trading, a decline of 92% from the average session volume of 2,068,601 shares. The stock had previously closed at $2.85.

Wall Street Analysts Forecast Growth

RLAY has been the subject of several analyst reports. HC Wainwright reissued a "buy" rating and issued a $16.00 target price on shares of Relay Therapeutics in a research note on Friday, March 7th. Wells Fargo & Company initiated coverage on shares of Relay Therapeutics in a research report on Thursday, April 17th. They issued an "equal weight" rating and a $4.00 price objective for the company. The Goldman Sachs Group dropped their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. Stifel Nicolaus reduced their price target on Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Finally, Guggenheim dropped their price objective on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $17.67.

Relay Therapeutics Stock Performance

The stock has a market capitalization of $540.91 million, a price-to-earnings ratio of -1.21 and a beta of 1.65. The business has a fifty day simple moving average of $2.79 and a 200 day simple moving average of $3.72.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported ($0.46) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.04. The business had revenue of $7.68 million during the quarter, compared to analyst estimates of $0.01 million. During the same quarter last year, the company posted ($0.62) earnings per share. The company's revenue was down 23.0% on a year-over-year basis. On average, sell-side analysts forecast that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insider Transactions at Relay Therapeutics

In other news, CEO Sanjiv Patel sold 61,422 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $2.97, for a total transaction of $182,423.34. Following the completion of the sale, the chief executive officer now owns 821,667 shares of the company's stock, valued at approximately $2,440,350.99. This represents a 6.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Peter Rahmer sold 10,739 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total transaction of $32,217.00. Following the completion of the transaction, the insider now directly owns 390,081 shares in the company, valued at $1,170,243. This trade represents a 2.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 94,320 shares of company stock valued at $280,981. 4.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Relay Therapeutics

A number of institutional investors have recently modified their holdings of RLAY. Acadian Asset Management LLC boosted its stake in shares of Relay Therapeutics by 2,256.1% during the first quarter. Acadian Asset Management LLC now owns 682,028 shares of the company's stock valued at $1,785,000 after purchasing an additional 653,081 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of Relay Therapeutics by 47.6% in the 1st quarter. Jane Street Group LLC now owns 111,472 shares of the company's stock worth $292,000 after buying an additional 35,962 shares during the last quarter. Woodline Partners LP increased its stake in shares of Relay Therapeutics by 448.4% during the 1st quarter. Woodline Partners LP now owns 1,518,561 shares of the company's stock worth $3,979,000 after purchasing an additional 1,241,657 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Relay Therapeutics in the 1st quarter worth approximately $53,000. Finally, Murchinson Ltd. bought a new stake in shares of Relay Therapeutics during the first quarter valued at about $26,000. 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.