Relay Therapeutics (NASDAQ:RLAY) Given New $31.00 Price Target at JonesTrading

Relay Therapeutics (NASDAQ:RLAY) had its target price lifted by JonesTrading from $20.00 to $31.00 in a research report released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also issued reports on the stock. Canaccord Genuity Group assumed coverage on shares of Relay Therapeutics in a report on Thursday, July 16th. They issued a “buy” rating and a $29.00 price target on the stock. HC Wainwright increased their target price on shares of Relay Therapeutics from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, August 20th. Citizens Jmp raised their target price on Relay Therapeutics from $21.00 to $26.00 and gave the stock a “market outperform” rating in a research note on Monday, August 10th. Guggenheim restated a “buy” rating on shares of Relay Therapeutics in a report on Friday, August 7th. Finally, Barclays boosted their price target on Relay Therapeutics from $27.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Relay Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $27.00.

Relay Therapeutics Stock Performance

NASDAQ:RLAY opened at $18.60 on Friday. The firm has a market cap of $4.08 billion, a PE ratio of -12.32 and a beta of 1.74. Relay Therapeutics has a fifty-two week low of $5.95 and a fifty-two week high of $21.27. The business has a 50 day moving average price of $18.31 and a 200-day moving average price of $15.20.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Wednesday, November 4th. The company reported ($0.37) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.03. Research analysts predict that Relay Therapeutics will post -1.59 EPS for the current year.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 48,199 shares of the company’s stock in a transaction that occurred on Wednesday, October 7th. The stock was sold at an average price of $18.10, for a total transaction of $872,401.90. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Donald Bergstrom sold 2,252 shares of the stock in a transaction that occurred on Wednesday, October 28th. The stock was sold at an average price of $18.62, for a total value of $41,932.24. Following the completion of the transaction, the insider directly owned 396,878 shares of the company’s stock, valued at $7,389,868.36. This represents a 0.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 6,149,344 shares of company stock worth $119,185,625. Insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

A number of institutional investors have recently added to or reduced their stakes in RLAY. BlackRock Inc. bought a new stake in shares of Relay Therapeutics in the 2nd quarter worth approximately $286,042,000. Perceptive Advisors LLC increased its position in Relay Therapeutics by 412.3% during the 1st quarter. Perceptive Advisors LLC now owns 9,751,141 shares of the company’s stock valued at $97,024,000 after buying an additional 7,847,896 shares in the last quarter. Spruce Street Capital LP bought a new position in Relay Therapeutics during the 2nd quarter valued at approximately $55,832,979. Dimensional Fund Advisors LP raised its stake in Relay Therapeutics by 18.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,940,536 shares of the company’s stock valued at $29,248,000 after buying an additional 460,186 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in Relay Therapeutics during the second quarter valued at $50,425,000. Institutional investors 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 patients with serious diseases, with an emphasis on cancer. The company uses its computational drug discovery platform to study how proteins move and interact, aiming to identify drug targets and design therapies against them.

Relay’s research combines experimental biology, structural biology and computational methods. Its drug development programs have included candidates targeting cancer-related pathways, such as FGFR2 and PI3K?.