Relay Therapeutics (NASDAQ:RLAY) Trading Up 7.5% - Should You Buy?

Key Points

• Relay Therapeutics' stock surged 7.5% during mid-day trading, reaching a high of $6.50, with a total volume significantly lower than its average.
• Analysts have mixed ratings for RLAY, with one “Strong Buy,” six “Buy,” one “Hold,” and one “Sell,” and a consensus price target of $16.50.
• The company reported earnings that exceeded expectations, with a revenue of $0.70 million and an EPS of ($0.41) compared to estimates of ($0.49).

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report)'s stock price was up 7.5% during mid-day trading on Thursday . The company traded as high as $6.50 and last traded at $6.57. Approximately 223,341 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 2,125,936 shares. The stock had previously closed at $6.11.

Analyst Ratings Changes

RLAY has been the topic of a number of analyst reports. Guggenheim initiated coverage on Relay Therapeutics in a research report on Thursday, September 4th. They set a "buy" rating and a $15.00 price objective on the stock. Weiss Ratings reiterated a "sell (e+)" rating on shares of Relay Therapeutics in a research report on Saturday, September 27th. HC Wainwright reduced their price objective on Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating on the stock in a research report on Tuesday, August 26th. Finally, Raymond James Financial reduced their price objective on Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating on the stock in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $16.50.

Relay Therapeutics Stock Up 11.0%

The company has a market cap of $1.17 billion, a PE ratio of -3.48 and a beta of 1.75. The stock has a 50-day simple moving average of $4.10 and a 200 day simple moving average of $3.45.

Relay Therapeutics (NASDAQ:RLAY - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.41) EPS for the quarter, beating analysts' consensus estimates of ($0.49) by $0.08. The business had revenue of $0.70 million during the quarter, compared to analysts' expectations of $0.07 million. As a group, research analysts anticipate that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insider Transactions at Relay Therapeutics

In related news, insider Donald A. Bergstrom sold 26,701 shares of the business's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $3.68, for a total value of $98,259.68. Following the sale, the insider owned 552,720 shares in the company, valued at approximately $2,034,009.60. The trade was a 4.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Peter Rahmer sold 15,724 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $3.68, for a total value of $57,864.32. Following the completion of the sale, the insider owned 377,998 shares in the company, valued at $1,391,032.64. This represents a 3.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 87,847 shares of company stock worth $323,803 over the last quarter. 4.87% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Los Angeles Capital Management LLC grew its stake in Relay Therapeutics by 5.0% during the 2nd quarter. Los Angeles Capital Management LLC now owns 68,615 shares of the company's stock worth $237,000 after purchasing an additional 3,275 shares in the last quarter. Hsbc Holdings PLC grew its stake in Relay Therapeutics by 4.2% during the 1st quarter. Hsbc Holdings PLC now owns 116,408 shares of the company's stock worth $300,000 after purchasing an additional 4,639 shares in the last quarter. FNY Investment Advisers LLC grew its stake in Relay Therapeutics by 100.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company's stock worth $34,000 after purchasing an additional 5,000 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Relay Therapeutics by 6.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,069 shares of the company's stock worth $221,000 after acquiring an additional 5,238 shares in the last quarter. Finally, Raymond James Financial Inc. boosted its position in shares of Relay Therapeutics by 3.2% during the 2nd quarter. Raymond James Financial Inc. now owns 190,488 shares of the company's stock worth $659,000 after acquiring an additional 5,955 shares in the last quarter. 96.98% of the stock is owned by institutional investors and hedge funds.

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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