Brokerages Set Relay Therapeutics, Inc. (NASDAQ:RLAY) Target Price at $17.67

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have earned an average rating of “Moderate Buy” from the twelve ratings firms that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $17.67.

A number of equities research analysts have recently commented on RLAY shares. HC Wainwright reiterated a “buy” rating and set a $16.00 price target on shares of Relay Therapeutics in a report on Friday, March 7th. Guggenheim lowered their price target on shares of Relay Therapeutics from $30.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. The Goldman Sachs Group lowered their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Wells Fargo & Company started coverage on shares of Relay Therapeutics in a report on Thursday, April 17th. They set an “equal weight” rating and a $4.00 price target for the company. Finally, Stifel Nicolaus lowered their price target on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, February 27th.

Relay Therapeutics Trading Down 0.3%

Shares of RLAY opened at $2.85 on Friday. The stock has a market cap of $488.62 million, a P/E ratio of -1.09 and a beta of 1.65. Relay Therapeutics has a 12-month low of $1.78 and a 12-month high of $10.72. The company has a 50-day moving average of $2.82 and a two-hundred day moving average of $3.87.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Monday, May 5th. The company reported ($0.46) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. The firm had revenue of $7.68 million for the quarter, compared to analysts’ expectations of $0.01 million. The business’s quarterly revenue was down 23.0% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.62) earnings per share. As a group, analysts forecast that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insider Activity at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 12,943 shares of the business’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total value of $38,829.00. Following the completion of the sale, the chief financial officer now directly owns 355,376 shares in the company, valued at approximately $1,066,128. The trade was a 3.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Peter Rahmer sold 10,739 shares of the business’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $3.00, for a total transaction of $32,217.00. Following the completion of the sale, the insider now owns 390,081 shares of the company’s stock, valued at approximately $1,170,243. The trade was a 2.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 94,320 shares of company stock worth $280,981. 4.87% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RLAY. SG Americas Securities LLC lifted its position in Relay Therapeutics by 40.8% during the fourth quarter. SG Americas Securities LLC now owns 77,557 shares of the company’s stock valued at $320,000 after buying an additional 22,473 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in Relay Therapeutics by 37.8% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 35,491 shares of the company’s stock valued at $146,000 after buying an additional 9,740 shares in the last quarter. Savant Capital LLC acquired a new position in Relay Therapeutics during the fourth quarter valued at approximately $120,000. Rhumbline Advisers lifted its position in Relay Therapeutics by 8.6% during the fourth quarter. Rhumbline Advisers now owns 171,444 shares of the company’s stock valued at $706,000 after buying an additional 13,532 shares in the last quarter. Finally, Congress Asset Management Co. lifted its position in Relay Therapeutics by 7.6% during the fourth quarter. Congress Asset Management Co. now owns 157,485 shares of the company’s stock valued at $649,000 after buying an additional 11,061 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.