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

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

Several brokerages recently issued reports on RLAY. Canaccord Genuity Group initiated coverage on Relay Therapeutics in a research report on Thursday, July 16th. They set a “buy” rating and a $29.00 price objective for the company. Citizens Jmp raised their price target on Relay Therapeutics from $21.00 to $26.00 and gave the stock a “market outperform” rating in a research report on Monday, August 10th. Zacks Research raised Relay Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. JPMorgan Chase & Co. boosted their price target on Relay Therapeutics from $28.00 to $31.00 and gave the stock an “overweight” rating in a report on Friday, August 14th. Finally, Citigroup reissued a “market outperform” rating on shares of Relay Therapeutics in a report on Monday, August 10th.

Relay Therapeutics Trading Down 1.1%

Shares of RLAY opened at $19.47 on Friday. The stock has a market cap of $4.27 billion, a P/E ratio of -12.40 and a beta of 1.72. The company has a 50-day moving average of $18.54 and a two-hundred day moving average of $14.90. Relay Therapeutics has a 12-month low of $5.95 and a 12-month high of $21.27.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate 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. As a group, analysts forecast that Relay Therapeutics will post -1.61 EPS for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 17,717 shares of the business’s stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $18.59, for a total value of $329,359.03. Following the completion of the transaction, the chief financial officer owned 105,134 shares of the company’s stock, valued at approximately $1,954,441.06. The trade was a 14.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Peter Rahmer sold 4,508 shares of the company’s stock in a transaction dated Wednesday, August 26th. The shares were 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 in the company, valued at approximately $4,479,849.71. This trade represents a 1.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 6,144,870 shares of company stock valued at $119,102,319. 5.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in Relay Therapeutics in the 2nd quarter valued at $286,042,000. Perceptive Advisors LLC lifted 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 during the period. Spruce Street Capital LP acquired a new stake in shares of Relay Therapeutics during the second quarter worth $55,832,979. Bank of America Corp DE acquired a new stake in shares of Relay Therapeutics during the second quarter worth $50,425,000. Finally, EcoR1 Capital LLC acquired a new stake in shares of Relay Therapeutics during the first quarter worth $18,952,000. 96.98% of the stock is currently owned by hedge funds and other institutional investors.

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.