Relay Therapeutics (NASDAQ:RLAY) Stock Price Up 7.7% – What’s Next?

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares shot up 7.7% on Tuesday. The stock traded as high as $18.36 and last traded at $18.41. 441,169 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 3,160,879 shares. The stock had previously closed at $17.09.

Analysts Set New Price Targets

RLAY has been the topic of several research reports. Wall Street Zen lowered shares of Relay Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Relay Therapeutics in a report on Friday, October 2nd. Canaccord Genuity Group assumed coverage on shares of Relay Therapeutics in a research note on Thursday, July 16th. They issued a “buy” rating and a $29.00 price objective for the company. Citigroup reiterated a “market outperform” rating on shares of Relay Therapeutics in a research note on Monday, August 10th. Finally, Barclays boosted their target price on shares of Relay Therapeutics from $27.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.92.

Relay Therapeutics Trading Down 0.2%

The business has a fifty day moving average of $18.71 and a 200-day moving average of $17.08. The firm has a market cap of $4.03 billion, a PE ratio of -11.73 and a beta of 1.72.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.02). The business had revenue of $0.35 million during the quarter, compared to analyst estimates of $0.96 million. On average, equities analysts forecast that Relay Therapeutics, Inc. will post -1.61 EPS for the current year.

Insider Buying and Selling

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 17,717 shares of the firm’s stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $18.59, for a total value of $329,359.03. Following the completion of the transaction, the chief financial officer directly owned 105,134 shares of the company’s stock, valued at $1,954,441.06. This trade represents a 14.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sanjiv Patel sold 48,199 shares of the firm’s stock in a transaction on Wednesday, October 7th. The shares were sold at an average price of $18.10, for a total transaction of $872,401.90. Following the completion of the transaction, the chief executive officer directly owned 471,301 shares of the company’s stock, valued at approximately $8,530,548.10. The trade was a 9.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 6,149,314 shares of company stock valued at $119,185,022 in the last three months. Insiders own 5.04% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC raised its holdings in shares of Relay Therapeutics by 108.3% in the 3rd quarter. GAMMA Investing LLC now owns 2,850 shares of the company’s stock valued at $51,000 after acquiring an additional 1,482 shares in the last quarter. Sanctuary Advisors LLC grew its holdings in shares of Relay Therapeutics by 1.1% during the first quarter. Sanctuary Advisors LLC now owns 143,816 shares of the company’s stock worth $1,431,000 after purchasing an additional 1,588 shares in the last quarter. Allworth Financial LP purchased a new position in shares of Relay Therapeutics during the second quarter worth about $34,000. Meeder Asset Management Inc. bought a new position in shares of Relay Therapeutics in the second quarter worth approximately $62,000. Finally, KBC Group NV bought a new position in shares of Relay Therapeutics in the first quarter worth approximately $34,000. Hedge funds and other institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Company Profile

Relay Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines for cancer and other serious diseases. The company uses its Dynamo platform, which combines structural biology, computational modeling, machine learning and experimental science to study how proteins move and interact. Relay aims to use this approach to identify precisely targeted therapies, including medicines designed to bind to previously difficult-to-drug sites.

The company’s pipeline has primarily focused on oncology, including investigational small-molecule therapies directed at cancer-driving proteins and signaling pathways.