Relay Therapeutics (NASDAQ:RLAY) Rating Increased to Strong-Buy at Canaccord Genuity Group

Relay Therapeutics (NASDAQ:RLAY) was upgraded by equities research analysts at Canaccord Genuity Group to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

A number of other brokerages have also recently issued reports on RLAY. HC Wainwright raised their price objective on shares of Relay Therapeutics from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Wall Street Zen upgraded shares of Relay Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, June 6th. JonesTrading raised Relay Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. JPMorgan Chase & Co. began coverage on Relay Therapeutics in a research report on Wednesday, July 8th. They issued an “overweight” rating and a $28.00 price target on the stock. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Relay Therapeutics in a research note on Tuesday, May 19th. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $24.17.

Relay Therapeutics Trading Down 0.7%

Shares of NASDAQ RLAY opened at $19.37 on Thursday. The firm has a market capitalization of $3.71 billion, a PE ratio of -12.34 and a beta of 1.67. Relay Therapeutics has a 1 year low of $3.03 and a 1 year high of $20.79. The firm’s 50-day moving average is $15.81 and its 200-day moving average is $12.27.

Relay Therapeutics (NASDAQ:RLAY) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.06). The firm had revenue of $3.00 million for the quarter, compared to the consensus estimate of $5.58 million. As a group, equities research analysts anticipate that Relay Therapeutics will post -1.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Sanjiv Patel sold 48,199 shares of the firm’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $19.58, for a total transaction of $943,736.42. Following the sale, the chief executive officer owned 615,898 shares of the company’s stock, valued at approximately $12,059,282.84. This trade represents a 7.26% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Peter Rahmer sold 50,000 shares of Relay Therapeutics stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $19.09, for a total value of $954,500.00. Following the transaction, the insider owned 225,857 shares in the company, valued at approximately $4,311,610.13. This represents a 18.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 426,127 shares of company stock worth $7,426,087. 5.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors have recently modified their holdings of RLAY. SG Americas Securities LLC raised its holdings in Relay Therapeutics by 591.7% during the 4th quarter. SG Americas Securities LLC now owns 220,949 shares of the company’s stock worth $1,869,000 after buying an additional 189,004 shares during the period. Tudor Investment Corp ET AL acquired a new position in shares of Relay Therapeutics in the third quarter valued at approximately $399,000. Sanctuary Advisors LLC acquired a new position in shares of Relay Therapeutics in the fourth quarter valued at approximately $1,203,000. Casdin Capital LLC increased its position in shares of Relay Therapeutics by 14.7% during the fourth quarter. Casdin Capital LLC now owns 13,003,574 shares of the company’s stock worth $110,010,000 after acquiring an additional 1,662,193 shares in the last quarter. Finally, Elmind Capital LP bought a new stake in shares of Relay Therapeutics during the fourth quarter worth $4,543,000. Institutional investors own 96.98% of the company’s stock.

About Relay Therapeutics

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of precision therapies for oncology. Headquartered in Cambridge, Massachusetts, the company was founded in 2016 with the goal of targeting dynamic protein motion using an integrated scientific platform. Relay Therapeutics leverages computational modeling, structural biology, and experimental validation to identify small-molecule drug candidates that modulate the behavior of disease-associated proteins.

The company’s core business activity centers on its proprietary drug-discovery engine, which combines high-performance computing—including molecular dynamics simulations—with advanced experimental techniques such as cryo-electron microscopy and biophysical screening.