Relay Therapeutics, Inc. (NASDAQ:RLAY) Stock Rated “Moderate Buy” by Sell-Side Analysts

Relay Therapeutics, Inc. (NASDAQ:RLAY) has been assigned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $25.92.

A number of brokerages recently weighed in on RLAY. Barclays raised their price target on shares of Relay Therapeutics from $27.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. The Goldman Sachs Group increased their target price on Relay Therapeutics from $22.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. lifted their price target on Relay Therapeutics from $28.00 to $31.00 and gave the stock an “overweight” rating in a research note on Friday, August 14th. Wall Street Zen downgraded Relay Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Finally, Citizens Jmp upped their target price on shares of Relay Therapeutics from $21.00 to $26.00 and gave the stock a “market outperform” rating in a report on Monday, August 10th.

Relay Therapeutics Trading Up 2.5%

Shares of RLAY opened at $18.96 on Monday. The firm has a market cap of $4.15 billion, a P/E ratio of -12.08 and a beta of 1.72. Relay Therapeutics has a 12 month low of $5.26 and a 12 month high of $21.27. The stock’s 50 day moving average is $19.11 and its two-hundred day moving average is $16.33.

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

Insider Activity at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 48,199 shares of the company’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $18.94, for a total value of $912,889.06. Following the completion of the sale, the chief executive officer directly owned 519,500 shares in the company, valued at $9,839,330. This represents a 8.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Pauling (Cayman) Ltd Svf sold 6,000,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $19.40, for a total value of $116,400,000.00. Following the completion of the sale, the insider directly owned 21,904,963 shares of the company’s stock, valued at $424,956,282.20. This trade represents a 21.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 6,157,974 shares of company stock worth $119,420,157 in the last 90 days. 5.04% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Relay Therapeutics during the 2nd quarter valued at approximately $286,042,000. Casdin Capital LLC lifted its stake in shares of Relay Therapeutics by 14.7% in the 4th quarter. Casdin Capital LLC now owns 13,003,574 shares of the company’s stock valued at $110,010,000 after purchasing an additional 1,662,193 shares during the last quarter. Perceptive Advisors LLC grew its holdings in shares of Relay Therapeutics by 412.3% during the 1st quarter. Perceptive Advisors LLC now owns 9,751,141 shares of the company’s stock worth $97,024,000 after purchasing an additional 7,847,896 shares during the period. Spruce Street Capital LP purchased a new position in shares of Relay Therapeutics during the 4th quarter worth $25,246,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Relay Therapeutics by 18.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,940,536 shares of the company’s stock worth $29,248,000 after purchasing an additional 460,186 shares during the last quarter. Institutional investors and hedge funds own 96.98% of the company’s stock.

About Relay Therapeutics

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for diseases driven by genetically defined targets, particularly in oncology. The company uses its proprietary Dynamo platform, which combines structural biology, computational modeling, machine learning and medicinal chemistry to study how proteins move and to identify potential drug-binding sites that may be difficult to address with conventional approaches.

Relay’s pipeline has included targeted cancer therapies such as RLY-2608, an investigational oral inhibitor designed to selectively target PI3K-alpha mutations, and RLY-4008 (lirafugratinib), an investigational FGFR2 inhibitor developed for cancers with specific FGFR2 alterations.