Relay Therapeutics (NASDAQ:RLAY) Trading Up 7.6% - What's Next?

Key Points

• Shares of Relay Therapeutics (NASDAQ: RLAY) rose by 7.6% during mid-day trading, closing at $3.94 after earlier highs of $3.73, although trading volume was significantly lower than average.
• Analysts have cut their price targets for Relay Therapeutics, with Raymond James setting a target of $19.00 and Guggenheim $10.00, while the consensus rating remains a "Moderate Buy" with a price target of $17.08.
• The company reported better-than-expected quarterly earnings, with an EPS of ($0.41) compared to estimates of ($0.49), highlighting increasing revenue of $0.70 million against an expected $0.07 million.

Relay Therapeutics, Inc. (NASDAQ:RLAY - Get Free Report) shares were up 7.6% during mid-day trading on Wednesday . The company traded as high as $3.73 and last traded at $3.94. Approximately 49,550 shares were traded during trading, a decline of 98% from the average daily volume of 2,200,226 shares. The stock had previously closed at $3.66.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on RLAY shares. Raymond James Financial cut their price objective on shares of Relay Therapeutics from $29.00 to $19.00 and set a "strong-buy" rating on the stock in a report on Friday, August 8th. Guggenheim cut their price objective on shares of Relay Therapeutics from $30.00 to $10.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Finally, HC Wainwright cut their price objective on shares of Relay Therapeutics from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.08.

Relay Therapeutics Trading Up 7.1%

The stock's fifty day moving average is $3.54 and its two-hundred day moving average is $3.25. The company has a market capitalization of $676.02 million, a PE ratio of -2.01 and a beta of 1.60.

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

Insiders Place Their Bets

In related news, CEO Sanjiv Patel sold 61,379 shares of the business's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $3.57, for a total value of $219,123.03. Following the sale, the chief executive officer directly owned 765,288 shares in the company, valued at approximately $2,732,078.16. The trade was a 7.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Brian Adams sold 18,276 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $3.68, for a total value of $67,255.68. Following the completion of the sale, the insider owned 371,472 shares in the company, valued at $1,367,016.96. This represents a 4.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 149,226 shares of company stock worth $542,926 in the last ninety days. 4.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Relay Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of RLAY. Murchinson Ltd. bought a new stake in shares of Relay Therapeutics during the first quarter valued at about $26,000. DRW Securities LLC bought a new stake in shares of Relay Therapeutics during the first quarter valued at about $28,000. AssuredPartners Investment Advisors LLC bought a new stake in shares of Relay Therapeutics during the first quarter valued at about $29,000. FNY Investment Advisers LLC increased its position in shares of Relay Therapeutics by 100.0% during the second quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company's stock valued at $34,000 after buying an additional 5,000 shares during the period. Finally, Quinn Opportunity Partners LLC bought a new stake in shares of Relay Therapeutics during the second quarter valued at about $35,000. 96.98% of the stock is currently owned by institutional investors.

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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