Relay Therapeutics (NASDAQ:RLAY) Rating Lowered to Hold at Zacks Investment Research

Relay Therapeutics (NASDAQ:RLAY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Relay Therapeutics Inc. is a clinical-stage precision medicines company. It focuses on enhancing small molecule therapeutic discovery in targeted oncology. The company’s product pipeline consist RLY-1971, RLY-4008 and RLY-PI3K1047 which are in clinical stage. Relay Therapeutics Inc. is based in Cambridge, Massachusetts. “

Several other brokerages have also commented on RLAY. Guggenheim decreased their price target on Relay Therapeutics from $52.00 to $45.00 in a research note on Monday, January 3rd. JMP Securities reaffirmed a “buy” rating and issued a $50.00 price target on shares of Relay Therapeutics in a research note on Monday, October 4th. Finally, JPMorgan Chase & Co. raised Relay Therapeutics to a “buy” rating and set a $51.00 price target on the stock in a research note on Friday, October 8th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $46.67.

NASDAQ RLAY opened at $26.29 on Thursday. The stock’s fifty day moving average is $30.75 and its two-hundred day moving average is $32.39. Relay Therapeutics has a fifty-two week low of $25.25 and a fifty-two week high of $64.37.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings data on Wednesday, November 10th. The company reported ($0.66) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.65) by ($0.01). The company had revenue of $0.67 million for the quarter. Relay Therapeutics had a negative return on equity of 38.89% and a negative net margin of 306.80%. Equities analysts anticipate that Relay Therapeutics will post -3.8 EPS for the current year.

In related news, General Counsel Brian Adams sold 6,500 shares of the stock in a transaction dated Monday, November 15th. The stock was sold at an average price of $35.42, for a total transaction of $230,230.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Thomas Catinazzo sold 22,500 shares of the stock in a transaction dated Monday, November 15th. The stock was sold at an average price of $35.40, for a total value of $796,500.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,555 shares of company stock worth $1,045,101. 4.88% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp increased its holdings in Relay Therapeutics by 40.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 234,882 shares of the company’s stock worth $7,406,000 after purchasing an additional 67,509 shares during the period. ArrowMark Colorado Holdings LLC increased its holdings in Relay Therapeutics by 19.0% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 442,733 shares of the company’s stock worth $13,959,000 after purchasing an additional 70,538 shares during the period. Two Sigma Investments LP purchased a new stake in Relay Therapeutics during the 3rd quarter worth about $6,050,000. Wellington Management Group LLP increased its holdings in Relay Therapeutics by 11.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,407,841 shares of the company’s stock worth $44,389,000 after purchasing an additional 139,654 shares during the period. Finally, Casdin Capital LLC increased its holdings in Relay Therapeutics by 8.7% during the 3rd quarter. Casdin Capital LLC now owns 3,668,574 shares of the company’s stock worth $115,670,000 after purchasing an additional 293,516 shares during the period. Institutional investors own 83.02% of the company’s stock.

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. The company's lead product candidates include RLY-1971, an oral small molecule inhibitor of protein tyrosine phosphatase Src homology region 2 domain-containing phosphatase-2 that is in Phase 1 trial in patients with advanced solid tumors; RLY-4008, an oral small molecule selective inhibitor of fibroblast growth factor receptor 2 (FGFR2), which is in a first-in-human clinical trial for patients with advanced solid tumors having oncogenic FGFR2 alterations; and RLY-PI3K1047, a lead compound that targets cancer-associated mutant variants of phosphoinositide 3-kinase alpha.

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