Relay Therapeutics (NASDAQ:RLAY) Stock Price Up 6.4% - Here's What Happened

Key Points

• Shares jumped 6.4% to about $11.46 intraday, but trading volume was thin — roughly 153,372 shares, down ~94% from the stock's average daily volume.
• Wall Street sentiment is positive overall with a consensus rating of "Moderate Buy" and an average price target of $18; several firms raised targets (Guggenheim to $22, Wells Fargo to $17) and most analysts rate the stock as Buy or stronger.
• Relay recently beat quarterly estimates (EPS -$0.32 vs -$0.38 and revenue $7.0M vs $4.34M), while insiders have trimmed holdings (insiders sold ~93k shares recently, owning ~4.9%) and institutional ownership is reported near ~97% with notable stake increases by firms like Millennium and Woodline.

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) were up 6.4% during trading on Thursday . The stock traded as high as $11.18 and last traded at $11.4550. Approximately 153,372 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 2,388,990 shares. The stock had previously closed at $10.77.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RLAY. Wells Fargo & Company boosted their price objective on shares of Relay Therapeutics from $15.00 to $17.00 and gave the company an "overweight" rating in a research report on Tuesday, March 17th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Relay Therapeutics in a research report on Friday, January 9th. Oppenheimer restated an "outperform" rating on shares of Relay Therapeutics in a report on Monday, March 16th. Guggenheim upped their price target on shares of Relay Therapeutics from $15.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, March 13th. Finally, Citizens Jmp increased their price objective on shares of Relay Therapeutics from $15.00 to $17.00 and gave the company a "market outperform" rating in a research note on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $18.00.

Relay Therapeutics Price Performance

The business has a 50-day moving average of $9.27 and a two-hundred day moving average of $7.76. The company has a market cap of $2.22 billion, a P/E ratio of -7.70 and a beta of 1.55.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.32) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.06. The firm had revenue of $7.00 million for the quarter, compared to analysts' expectations of $4.34 million. Equities analysts anticipate that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Insider Activity

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 13,820 shares of the firm's stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $7.62, for a total value of $105,308.40. Following the completion of the sale, the chief financial officer directly owned 250,996 shares in the company, valued at $1,912,589.52. This trade represents a 5.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Donald A. Bergstrom sold 18,895 shares of Relay Therapeutics stock in a transaction on Tuesday, January 27th. The stock was sold at an average price of $7.62, for a total transaction of $143,979.90. Following the completion of the transaction, the insider directly owned 422,733 shares in the company, valued at $3,221,225.46. This represents a 4.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 93,302 shares of company stock worth $724,355. 4.87% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its stake in Relay Therapeutics by 11.9% in the first quarter. AQR Capital Management LLC now owns 364,946 shares of the company's stock valued at $956,000 after buying an additional 38,812 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Relay Therapeutics by 6.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,069 shares of the company's stock valued at $221,000 after acquiring an additional 5,238 shares in the last quarter. Millennium Management LLC raised its position in shares of Relay Therapeutics by 14.6% in the 1st quarter. Millennium Management LLC now owns 2,942,875 shares of the company's stock valued at $7,710,000 after purchasing an additional 374,491 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Relay Therapeutics in the 1st quarter valued at approximately $53,000. Finally, Woodline Partners LP boosted its stake in Relay Therapeutics by 448.4% in the 1st quarter. Woodline Partners LP now owns 1,518,561 shares of the company's stock worth $3,979,000 after purchasing an additional 1,241,657 shares in the last quarter. 96.98% of the stock is owned by institutional investors and hedge funds.

About Relay Therapeutics

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of precision therapies for oncology. Headquartered in Cambridge, Massachusetts, the company was founded in 2016 with the goal of targeting dynamic protein motion using an integrated scientific platform. Relay Therapeutics leverages computational modeling, structural biology, and experimental validation to identify small-molecule drug candidates that modulate the behavior of disease-associated proteins.

The company's core business activity centers on its proprietary drug-discovery engine, which combines high-performance computing—including molecular dynamics simulations—with advanced experimental techniques such as cryo-electron microscopy and biophysical screening.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.