Relay Therapeutics (NASDAQ:RLAY) Shares Break Above Fifty Day Moving Average – Should You Sell?

Relay Therapeutics, Inc. (NASDAQ:RLAY) passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $18.59 and traded as high as $18.96. Relay Therapeutics shares last traded at $18.84, with a volume of 2,258,206 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Guggenheim reiterated a “buy” rating on shares of Relay Therapeutics in a report on Friday, August 7th. HC Wainwright lifted their price objective on shares of Relay Therapeutics from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Zacks Research raised shares of Relay Therapeutics from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Barclays increased their price objective on shares of Relay Therapeutics from $27.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Finally, Citigroup reissued a “market outperform” rating on shares of Relay Therapeutics in a report on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.92.

Relay Therapeutics Price Performance

The stock has a fifty day simple moving average of $18.59 and a 200-day simple moving average of $14.78.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.02). The firm had revenue of $0.35 million for the quarter, compared to analyst estimates of $0.96 million. Equities research analysts predict that Relay Therapeutics, Inc. will post -1.61 EPS for the current fiscal year.

Insider Activity

In other Relay Therapeutics news, insider Donald Bergstrom sold 8,530 shares of Relay Therapeutics stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $18.97, for a total value of $161,814.10. Following the completion of the transaction, the insider owned 399,130 shares of the company’s stock, valued at approximately $7,571,496.10. The trade was a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Peter Rahmer sold 4,508 shares of the company’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $20.03, for a total transaction of $90,295.24. Following the completion of the transaction, the insider owned 223,657 shares of the company’s stock, valued at approximately $4,479,849.71. This trade represents a 1.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,144,870 shares of company stock valued at $119,102,319 in the last three months. Corporate insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Relay Therapeutics during the second quarter worth approximately $286,042,000. Perceptive Advisors LLC grew its holdings in Relay Therapeutics by 412.3% in the first quarter. Perceptive Advisors LLC now owns 9,751,141 shares of the company’s stock valued at $97,024,000 after purchasing an additional 7,847,896 shares during the period. Spruce Street Capital LP acquired a new stake in Relay Therapeutics in the second quarter valued at approximately $55,832,979. Dimensional Fund Advisors LP grew its holdings in Relay Therapeutics by 18.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,940,536 shares of the company’s stock valued at $29,248,000 after purchasing an additional 460,186 shares during the period. Finally, Bank of America Corp DE purchased a new stake in shares of Relay Therapeutics in the second quarter valued at approximately $50,425,000. Hedge funds and other institutional investors own 96.98% of the company’s stock.

About Relay Therapeutics

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.