Relay Therapeutics (NASDAQ:RLAY) Shares Up 8.2% - Here's What Happened

Key Points

• Relay Therapeutics shares rose 8.2% during Monday's trading, closing at $3.64 after hitting a high of $3.68.
• Despite the increase, several analysts have set mixed price targets, with Guggenheim reducing their target from $30.00 to $10.00, while Wells Fargo initiated coverage with a target of $4.00.
• The company reported a quarterly earnings per share of ($0.46), slightly beating the estimate, but revenues decreased by 23% year-over-year.

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) shares traded up 8.2% during trading on Monday . The stock traded as high as $3.68 and last traded at $3.64. 1,624,570 shares traded hands during trading, a decline of 30% from the average session volume of 2,320,586 shares. The stock had previously closed at $3.36.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RLAY shares. Wells Fargo & Company started coverage on shares of Relay Therapeutics in a report on Thursday, April 17th. They issued an "equal weight" rating and a $4.00 price objective on the stock. Guggenheim decreased 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 report 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $17.67.

Relay Therapeutics Trading Up 8.6%

The stock's 50-day moving average is $3.42 and its 200-day moving average is $3.38. The company has a market cap of $625.77 million, a price-to-earnings ratio of -1.64 and a beta of 1.62.

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

Insider Buying and Selling

In other Relay Therapeutics news, insider Donald A. Bergstrom sold 26,701 shares of the stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $3.68, for a total transaction of $98,259.68. Following the completion of the transaction, the insider owned 552,720 shares in the company, valued at $2,034,009.60. This trade represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas Catinazzo sold 18,380 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $3.68, for a total transaction of $67,638.40. Following the completion of the transaction, the chief financial officer owned 335,295 shares of the company's stock, valued at $1,233,885.60. This trade represents a 5.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 149,226 shares of company stock valued at $542,926 over the last 90 days. 4.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. bought a new stake in Relay Therapeutics in the fourth quarter valued at $779,000. American Century Companies Inc. boosted its holdings in Relay Therapeutics by 23.3% in the fourth quarter. American Century Companies Inc. now owns 272,166 shares of the company's stock valued at $1,121,000 after acquiring an additional 51,499 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in Relay Therapeutics in the fourth quarter valued at $102,000. Vanguard Group Inc. boosted its holdings in Relay Therapeutics by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 15,030,209 shares of the company's stock valued at $61,924,000 after acquiring an additional 566,595 shares in the last quarter. Finally, Corebridge Financial Inc. boosted its holdings in Relay Therapeutics by 13.8% in the fourth quarter. Corebridge Financial Inc. now owns 60,500 shares of the company's stock valued at $249,000 after acquiring an additional 7,314 shares in the last quarter. 96.98% of the stock is owned by hedge funds and other institutional investors.

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.

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