Relay Therapeutics (NASDAQ:RLAY) Trading 5.7% Higher - Time to Buy?

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

Analyst Upgrades and Downgrades

RLAY has been the subject of a number of research analyst reports. Guggenheim cut 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 note on Wednesday, May 7th. The Goldman Sachs Group dropped their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Wells Fargo & Company began 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. HC Wainwright restated a "buy" rating and issued a $16.00 price objective on shares of Relay Therapeutics in a research report on Friday, March 7th. Finally, Stifel Nicolaus dropped their price objective on shares of Relay Therapeutics from $27.00 to $23.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Two 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.67.

Relay Therapeutics Trading Down 5.1%

The firm's 50 day simple moving average is $3.06 and its 200-day simple moving average is $3.58. The stock has a market capitalization of $546.93 million, a price-to-earnings ratio of -1.43 and a beta of 1.59.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last issued 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 company had revenue of $7.68 million for the quarter, compared to analyst estimates of $0.01 million. The business's revenue for the quarter was down 23.0% on a year-over-year basis. During the same period last year, the company posted ($0.62) earnings per share. As a group, equities research 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 other news, CFO Thomas Catinazzo sold 12,943 shares of the company'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 sale, the chief financial officer now directly owns 355,376 shares of the company's stock, valued at approximately $1,066,128. This represents a 3.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Peter Rahmer sold 10,739 shares of the company's 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 sale, the insider now directly owns 390,081 shares in the company, valued at approximately $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. Insiders sold a total of 94,320 shares of company stock worth $280,981 over the last ninety days. 4.87% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Relay Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Steward Partners Investment Advisory LLC raised its holdings in shares of 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 purchasing an additional 4,000 shares during the period. Murchinson Ltd. bought a new stake in shares of Relay Therapeutics in the 1st quarter valued at about $26,000. Stifel Financial Corp bought a new stake in shares of Relay Therapeutics in the 4th quarter valued at about $42,000. Twinbeech Capital LP bought a new stake in shares of Relay Therapeutics in the 4th quarter valued at about $42,000. Finally, DRW Securities LLC bought a new stake in shares of Relay Therapeutics in the 1st quarter valued at about $28,000. 96.98% of the stock is owned by institutional investors.

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.