Relay Therapeutics (NASDAQ:RLAY) Share Price Breaks Above Fifty Day Moving Average – Here’s Why

Relay Therapeutics, Inc. (NASDAQ:RLAY) passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $18.31 and traded as high as $18.72. Relay Therapeutics shares last traded at $18.60, with a volume of 3,200,741 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RLAY. Citizens Jmp raised their price objective on Relay Therapeutics from $21.00 to $26.00 and gave the company a “market outperform” rating in a report on Monday, August 10th. Wall Street Zen raised Relay Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Relay Therapeutics in a report on Friday, October 2nd. Guggenheim reiterated a “buy” rating on shares of Relay Therapeutics in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. raised their price target on shares of Relay Therapeutics from $28.00 to $31.00 and gave the stock an “overweight” rating in a research note on Friday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Relay Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $25.92.

Relay Therapeutics Trading Up 9.4%

The firm has a market cap of $4.08 billion, a price-to-earnings ratio of -12.32 and a beta of 1.74. The firm’s 50-day moving average is $18.31 and its 200-day moving average is $15.20.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings results on Wednesday, November 4th. The company reported ($0.37) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.03. Analysts forecast that Relay Therapeutics, Inc. will post -1.61 EPS for the current fiscal year.

Insider Transactions at Relay Therapeutics

In related news, insider Donald A. Bergstrom sold 8,530 shares of the firm’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $18.97, for a total transaction of $161,814.10. Following the completion of the sale, the insider directly owned 399,130 shares of the company’s stock, valued at approximately $7,571,496.10. This trade represents a 2.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sanjiv Patel sold 48,199 shares of the business’s stock in a transaction that occurred on Wednesday, October 7th. The shares were sold at an average price of $18.10, for a total value of $872,401.90. Following the sale, the chief executive officer owned 471,301 shares in the company, valued at approximately $8,530,548.10. This represents a 9.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 6,149,344 shares of company stock valued at $119,185,625. 5.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of RLAY. BlackRock Inc. bought a new position in Relay Therapeutics in the 2nd quarter valued at $286,042,000. Perceptive Advisors LLC raised its stake 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 in the last quarter. Spruce Street Capital LP bought a new position in Relay Therapeutics during the second quarter worth about $55,832,979. Bank of America Corp DE bought a new stake in Relay Therapeutics during the second quarter worth about $50,425,000. Finally, EcoR1 Capital LLC purchased a new position in Relay Therapeutics in the first quarter valued at approximately $18,952,000. 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.