Relay Therapeutics (NASDAQ:RLAY) Shares Up 6.1% – Still a Buy?

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) rose 6.1% during mid-day trading on Thursday . The stock traded as high as $6.53 and last traded at $6.5450. Approximately 530,068 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 2,140,051 shares. The stock had previously closed at $6.17.

Wall Street Analyst Weigh In

Several equities research analysts have commented on RLAY shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Relay Therapeutics in a research report on Tuesday, October 14th. Raymond James Financial dropped their target price on Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating on the stock in a report on Friday, August 8th. Guggenheim started coverage on Relay Therapeutics in a research note on Thursday, September 4th. They issued a “buy” rating and a $15.00 price target for the company. Wells Fargo & Company upped their price target on shares of Relay Therapeutics from $4.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Friday, November 7th. Finally, HC Wainwright decreased their price objective on shares of Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Relay Therapeutics has an average rating of “Moderate Buy” and an average target price of $16.75.

Relay Therapeutics Trading Up 6.7%

The company has a market cap of $1.14 billion, a price-to-earnings ratio of -3.77 and a beta of 1.76. The business’s 50 day moving average price is $5.69 and its 200-day moving average price is $4.18.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.04). Equities research analysts forecast that Relay Therapeutics, Inc. will post -2.55 EPS for the current fiscal year.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, insider Donald A. Bergstrom sold 30,897 shares of the stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $7.29, for a total transaction of $225,239.13. Following the transaction, the insider owned 521,823 shares in the company, valued at $3,804,089.67. This trade represents a 5.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas Catinazzo sold 21,664 shares of the business’s stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $7.29, for a total transaction of $157,930.56. Following the completion of the sale, the chief financial officer directly owned 313,631 shares of the company’s stock, valued at approximately $2,286,369.99. The trade was a 6.46% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 155,163 shares of company stock valued at $1,117,630. 4.87% of the stock is currently owned by company insiders.

Institutional Trading of Relay Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Commodore Capital LP bought a new position in shares of Relay Therapeutics during the second quarter worth approximately $46,191,000. Woodline Partners LP increased its stake in Relay Therapeutics by 448.4% during the 1st quarter. Woodline Partners LP now owns 1,518,561 shares of the company’s stock worth $3,979,000 after acquiring an additional 1,241,657 shares during the period. Bellevue Group AG raised its holdings in Relay Therapeutics by 11.6% in the 2nd quarter. Bellevue Group AG now owns 8,230,870 shares of the company’s stock valued at $28,479,000 after acquiring an additional 853,578 shares in the last quarter. Norges Bank acquired a new position in Relay Therapeutics in the 2nd quarter valued at $2,892,000. Finally, Bank of America Corp DE lifted its position in shares of Relay Therapeutics by 138.1% during the 2nd quarter. Bank of America Corp DE now owns 1,320,130 shares of the company’s stock valued at $4,568,000 after acquiring an additional 765,702 shares during the period. Institutional investors and hedge funds own 96.98% of the company’s stock.

Relay Therapeutics Company Profile

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.