Relay Therapeutics (NASDAQ:RLAY) Shares Up 6.7% - Here's Why

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) shot up 6.7% during mid-day trading on Tuesday . The company traded as high as $3.58 and last traded at $3.59. 330,238 shares were traded during trading, a decline of 84% from the average session volume of 2,067,677 shares. The stock had previously closed at $3.36.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RLAY. HC Wainwright restated a "buy" rating and issued a $16.00 price target on shares of Relay Therapeutics in a report on Friday, March 7th. The Goldman Sachs Group dropped their price target on Relay Therapeutics from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Guggenheim cut their price target on Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Wells Fargo & Company started coverage on shares of Relay Therapeutics in a research note on Thursday, April 17th. They issued an "equal weight" rating and a $4.00 price objective on the stock. Finally, Stifel Nicolaus cut their target price 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 equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $17.67.

Relay Therapeutics Stock Down 4.3%

The firm's 50 day moving average is $2.89 and its 200-day moving average is $3.65. The firm has a market cap of $572.63 million, a PE ratio of -1.28 and a beta of 1.59.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported ($0.46) earnings per share (EPS) 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. Relay Therapeutics's revenue for the quarter was down 23.0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.62) EPS. On average, analysts forecast 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 business's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total transaction of $38,829.00. Following the completion of the sale, the chief financial officer now directly owns 355,376 shares of the company's stock, valued at $1,066,128. The trade was a 3.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sanjiv Patel sold 61,422 shares of Relay Therapeutics stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $2.97, for a total value of $182,423.34. Following the completion of the transaction, the chief executive officer now owns 821,667 shares in the company, valued at $2,440,350.99. The trade was a 6.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold 94,320 shares of company stock worth $280,981 in the last 90 days. 4.87% of the stock is owned by company insiders.

Institutional Trading of Relay Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Steward Partners Investment Advisory LLC grew its stake in Relay Therapeutics by 160.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company's stock worth $27,000 after buying an additional 4,000 shares during the period. Murchinson Ltd. acquired a new position in shares of Relay Therapeutics during the 1st quarter valued at $26,000. Stifel Financial Corp purchased a new stake in Relay Therapeutics during the 4th quarter worth $42,000. Twinbeech Capital LP acquired a new stake in Relay Therapeutics in the 4th quarter valued at $42,000. Finally, DRW Securities LLC acquired a new stake in Relay Therapeutics in the 1st quarter valued at $28,000. Institutional investors and hedge funds 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.