Relay Therapeutics (NASDAQ:RLAY) Given “Market Outperform” Rating at JMP Securities

JMP Securities restated their market outperform rating on shares of Relay Therapeutics (NASDAQ:RLAY) in a research note published on Monday morning, Benzinga reports. The brokerage currently has a $24.00 price objective on the stock.

Several other research firms also recently issued reports on RLAY. Leerink Partnrs restated an outperform rating on shares of Relay Therapeutics in a research note on Thursday, February 22nd. Stifel Nicolaus upped their target price on Relay Therapeutics from $25.00 to $30.00 and gave the company a buy rating in a research report on Thursday, February 22nd. Finally, Oppenheimer reaffirmed an outperform rating and set a $25.00 price target (down previously from $33.00) on shares of Relay Therapeutics in a research report on Monday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of Buy and an average target price of $24.00.

Relay Therapeutics Price Performance

Shares of NASDAQ RLAY opened at $7.06 on Monday. The stock’s 50-day simple moving average is $7.80 and its 200-day simple moving average is $8.80. Relay Therapeutics has a fifty-two week low of $5.70 and a fifty-two week high of $13.32.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.62) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.08. Relay Therapeutics had a negative net margin of 1,263.49% and a negative return on equity of 42.66%. The company had revenue of $10.01 million for the quarter, compared to analysts’ expectations of $0.12 million. During the same quarter last year, the company earned ($0.78) earnings per share. The firm’s revenue for the quarter was up 4327.9% on a year-over-year basis. As a group, research analysts predict that Relay Therapeutics will post -2.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Relay Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new stake in Relay Therapeutics during the 1st quarter valued at approximately $79,000. Los Angeles Capital Management LLC raised its stake in shares of Relay Therapeutics by 25.7% during the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after purchasing an additional 2,850 shares during the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Relay Therapeutics during the fourth quarter worth $126,000. Aigen Investment Management LP purchased a new position in Relay Therapeutics in the 3rd quarter valued at $142,000. Finally, Mesirow Financial Investment Management Inc. acquired a new position in Relay Therapeutics in the 1st quarter valued at $146,000. Hedge funds and other institutional investors 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.