Relay Therapeutics (NASDAQ:RLAY) Upgraded to “Overweight” at Barclays

Relay Therapeutics (NASDAQ:RLAY) was upgraded by investment analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research report issued on Friday, Marketbeat reports. The brokerage presently has a $15.00 price target on the stock. Barclays‘s target price would indicate a potential upside of 137.72% from the company’s current price.

Several other analysts have also recently issued reports on RLAY. Stifel Nicolaus upped their target price on Relay Therapeutics from $25.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, February 22nd. JMP Securities restated a “market outperform” rating and set a $24.00 price objective on shares of Relay Therapeutics in a research report on Monday. Oppenheimer restated an “outperform” rating and issued a $25.00 target price (down previously from $33.00) on shares of Relay Therapeutics in a research report on Monday. Finally, Leerink Partnrs reiterated an “outperform” rating on shares of Relay Therapeutics in a report on Thursday, February 22nd. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Relay Therapeutics presently has an average rating of “Buy” and a consensus target price of $22.20.

Relay Therapeutics Stock Performance

NASDAQ RLAY opened at $6.31 on Friday. The company has a market cap of $837.59 million, a P/E ratio of -2.39 and a beta of 1.68. Relay Therapeutics has a one year low of $5.70 and a one year high of $13.32. The business has a fifty day moving average price of $7.66 and a 200 day moving average price of $8.79.

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

Institutional Trading of Relay Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. New York State Common Retirement Fund increased its position in shares of Relay Therapeutics by 3.2% in the 4th quarter. New York State Common Retirement Fund now owns 36,678 shares of the company’s stock valued at $404,000 after purchasing an additional 1,127 shares during the last quarter. Handelsbanken Fonder AB increased its stake in Relay Therapeutics by 5.7% in the fourth quarter. Handelsbanken Fonder AB now owns 29,500 shares of the company’s stock valued at $325,000 after purchasing an additional 1,600 shares during the last quarter. Swiss National Bank raised its holdings in Relay Therapeutics by 1.2% during the third quarter. Swiss National Bank now owns 173,800 shares of the company’s stock worth $1,462,000 after purchasing an additional 2,000 shares in the last quarter. Congress Asset Management Co. MA raised its holdings in Relay Therapeutics by 1.4% during the first quarter. Congress Asset Management Co. MA now owns 149,082 shares of the company’s stock worth $1,237,000 after purchasing an additional 2,108 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its position in shares of Relay Therapeutics by 25.7% during the 1st quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after buying an additional 2,850 shares during the last quarter. 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.