Relay Therapeutics (NASDAQ:RLAY) Trading Up 5.6% - Still a Buy?

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report)'s stock price was up 5.6% on Wednesday . The stock traded as high as $3.65 and last traded at $3.70. Approximately 109,619 shares traded hands during trading, a decline of 95% from the average daily volume of 2,078,479 shares. The stock had previously closed at $3.50.

Analyst Upgrades and Downgrades

Several analysts have weighed in on RLAY shares. Wells Fargo & Company started coverage on Relay Therapeutics in a report on Thursday, April 17th. They set an "equal weight" rating and a $4.00 price objective for the company. Guggenheim decreased their target price on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $17.67.

Relay Therapeutics Stock Performance

The company has a 50-day moving average of $3.26 and a 200-day moving average of $3.46. The firm has a market capitalization of $614.65 million, a price-to-earnings ratio of -1.61 and a beta of 1.62.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported ($0.46) earnings per share (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 in the prior year, the firm posted ($0.62) earnings per share. Relay Therapeutics's revenue for the quarter was down 23.0% compared to the same quarter last year. As a group, analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Thomas Catinazzo sold 12,943 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $3.00, for a total transaction of $38,829.00. Following the sale, the chief financial officer owned 355,376 shares in the company, valued at $1,066,128. This represents a 3.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sanjiv Patel sold 61,422 shares of the company'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 sale, the chief executive officer owned 821,667 shares in the company, valued at approximately $2,440,350.99. This represents a 6.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 150,537 shares of company stock valued at $485,444 in the last quarter. 4.87% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in RLAY. Bank of New York Mellon Corp raised its stake in shares of Relay Therapeutics by 18.0% during the 4th quarter. Bank of New York Mellon Corp now owns 328,897 shares of the company's stock worth $1,355,000 after purchasing an additional 50,190 shares in the last quarter. Steward Partners Investment Advisory LLC raised its stake in Relay Therapeutics by 160.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company's stock valued at $27,000 after acquiring an additional 4,000 shares during the period. Raymond James Financial Inc. bought a new stake in Relay Therapeutics in the 4th quarter valued at $779,000. HighTower Advisors LLC raised its stake in Relay Therapeutics by 28.9% in the 4th quarter. HighTower Advisors LLC now owns 199,743 shares of the company's stock valued at $823,000 after acquiring an additional 44,823 shares during the period. Finally, Cibc World Markets Corp bought a new stake in Relay Therapeutics in the 4th quarter valued at $47,000. Institutional investors own 96.98% of the company's stock.

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.