Relay Therapeutics (NASDAQ:RLAY) Trading 5.1% Higher - Should You Buy?

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

Analyst Ratings Changes

Several research analysts have recently issued reports on RLAY shares. HC Wainwright restated a "buy" rating and set a $16.00 price objective on shares of Relay Therapeutics in a report on Friday, March 7th. Stifel Nicolaus reduced their price objective on Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Wells Fargo & Company started coverage on Relay Therapeutics in a research report on Thursday, April 17th. They set an "equal weight" rating and a $4.00 price objective on the stock. The Goldman Sachs Group reduced their target price on Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Finally, Guggenheim reduced their price objective on shares of Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Two investment 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, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.67.

Relay Therapeutics Price Performance

The company's 50 day moving average price is $2.79 and its 200 day moving average price is $3.74. The firm has a market capitalization of $516.05 million, a P/E ratio of -1.15 and a beta of 1.65.

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

Insider Buying and Selling

In related news, CFO Thomas Catinazzo sold 12,943 shares of the firm's stock in a transaction dated 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 now directly owns 355,376 shares in the company, valued at approximately $1,066,128. This trade represents a 3.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sanjiv Patel sold 61,422 shares of the business's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $2.97, for a total value of $182,423.34. Following the transaction, the chief executive officer now directly owns 821,667 shares in the company, valued at approximately $2,440,350.99. This trade represents a 6.96% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 94,320 shares of company stock worth $280,981. Corporate insiders own 4.87% of the company's stock.

Institutional Trading of Relay Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Martingale Asset Management L P grew its holdings in Relay Therapeutics by 3.5% in the 4th quarter. Martingale Asset Management L P now owns 80,371 shares of the company's stock valued at $331,000 after buying an additional 2,700 shares in the last quarter. Virtus ETF Advisers LLC grew its stake in shares of Relay Therapeutics by 26.2% in the fourth quarter. Virtus ETF Advisers LLC now owns 14,873 shares of the company's stock valued at $61,000 after acquiring an additional 3,092 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Relay Therapeutics by 1.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 218,872 shares of the company's stock worth $902,000 after purchasing an additional 3,325 shares in the last quarter. Summit Investment Advisors Inc. grew its position in shares of Relay Therapeutics by 41.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 12,730 shares of the company's stock worth $52,000 after purchasing an additional 3,760 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC increased its holdings in shares of Relay Therapeutics by 160.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company's stock worth $27,000 after purchasing an additional 4,000 shares during the period. 96.98% of the stock is owned by institutional investors and hedge funds.

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.