Relay Therapeutics (NASDAQ:RLAY) Stock Price Up 5.7% - Here's What Happened

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) traded up 5.7% during mid-day trading on Wednesday . The company traded as high as $3.13 and last traded at $3.24. 152,412 shares were traded during trading, a decline of 93% from the average session volume of 2,071,312 shares. The stock had previously closed at $3.06.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Guggenheim lowered their target price on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. HC Wainwright reaffirmed a "buy" rating and set a $16.00 target price on shares of Relay Therapeutics in a research report on Friday, March 7th. Wells Fargo & Company initiated coverage on shares of Relay Therapeutics in a report on Thursday, April 17th. They issued an "equal weight" rating and a $4.00 price target for the company. The Goldman Sachs Group decreased their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Finally, Stifel Nicolaus decreased their target price on Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.67.

Relay Therapeutics Trading Up 10.3%

The company has a 50 day moving average price of $3.01 and a 200 day moving average price of $3.60. The company has a market capitalization of $578.63 million, a price-to-earnings ratio of -1.51 and a beta of 1.59.

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

Insider Buying and Selling at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 12,943 shares of the business'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 transaction, the chief financial officer now directly owns 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Peter Rahmer sold 10,739 shares of the stock in a transaction dated 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. The trade was 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 sold 94,320 shares of company stock valued at $280,981. Company insiders own 4.32% of the company's stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Murchinson Ltd. bought a new stake in Relay Therapeutics during the 1st quarter worth $26,000. Steward Partners Investment Advisory LLC boosted its position in shares of Relay Therapeutics by 160.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company's stock valued at $27,000 after purchasing an additional 4,000 shares in the last quarter. DRW Securities LLC acquired a new stake in Relay Therapeutics in the first quarter worth $28,000. AssuredPartners Investment Advisors LLC acquired a new stake in shares of Relay Therapeutics in the 1st quarter valued at about $29,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in Relay Therapeutics during the 1st quarter worth approximately $41,000. Institutional investors 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.

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