Relay Therapeutics (NASDAQ:RLAY) Hits New 1-Year High on Analyst Upgrade

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares hit a new 52-week high during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $28.00 to $31.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Relay Therapeutics traded as high as $20.79 and last traded at $20.67, with a volume of 1832381 shares changing hands. The stock had previously closed at $19.86.

A number of other equities analysts also recently weighed in on the stock. Wells Fargo & Company increased their price target on shares of Relay Therapeutics from $17.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Relay Therapeutics in a research note on Monday, July 6th. Zacks Research downgraded Relay Therapeutics from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. Citizens Jmp increased their target price on Relay Therapeutics from $21.00 to $26.00 and gave the stock a “market outperform” rating in a research report on Monday, August 10th. Finally, Citigroup reissued a “market outperform” rating on shares of Relay Therapeutics in a research report on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.83.

Insider Activity

In other Relay Therapeutics news, CEO Sanjiv Patel sold 48,199 shares of Relay Therapeutics stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $19.58, for a total transaction of $943,736.42. Following the sale, the chief executive officer directly owned 615,898 shares in the company, valued at $12,059,282.84. The trade was a 7.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter Rahmer sold 50,000 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $19.09, for a total transaction of $954,500.00. Following the completion of the sale, the insider directly owned 225,857 shares in the company, valued at $4,311,610.13. This represents a 18.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 409,639 shares of company stock valued at $7,233,399 in the last 90 days. Company insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of hedge funds have recently added to or reduced their stakes in RLAY. California State Teachers Retirement System grew its holdings in shares of Relay Therapeutics by 47.9% in the 1st quarter. California State Teachers Retirement System now owns 174,099 shares of the company’s stock worth $1,732,000 after acquiring an additional 56,422 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Relay Therapeutics in the 4th quarter valued at $1,203,000. Persistent Asset Partners Ltd acquired a new position in shares of Relay Therapeutics in the second quarter worth about $1,323,000. Affinity Asset Advisors LLC purchased a new position in Relay Therapeutics during the 1st quarter worth approximately $3,980,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Relay Therapeutics during the first quarter valued at $6,649,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Relay Therapeutics Stock Performance

The company has a 50 day simple moving average of $18.24 and a two-hundred day simple moving average of $13.96. The company has a market cap of $4.53 billion, a PE ratio of -13.17 and a beta of 1.69.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.02). The business had revenue of $0.35 million during the quarter, compared to the consensus estimate of $0.96 million. As a group, analysts expect that Relay Therapeutics, Inc. will post -1.58 earnings per share for the current fiscal year.

About Relay Therapeutics

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of precision therapies for oncology. Headquartered in Cambridge, Massachusetts, the company was founded in 2016 with the goal of targeting dynamic protein motion using an integrated scientific platform. Relay Therapeutics leverages computational modeling, structural biology, and experimental validation to identify small-molecule drug candidates that modulate the behavior of disease-associated proteins.

The company’s core business activity centers on its proprietary drug-discovery engine, which combines high-performance computing—including molecular dynamics simulations—with advanced experimental techniques such as cryo-electron microscopy and biophysical screening.