Relay Therapeutics (NASDAQ:RLAY) Shares Up 4.7% – Still a Buy?

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares shot up 4.7% during mid-day trading on Monday . The company traded as high as $8.48 and last traded at $8.4050. 1,403,686 shares changed hands during trading, a decline of 34% from the average session volume of 2,137,667 shares. The stock had previously closed at $8.03.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Wells Fargo & Company upgraded shares of Relay Therapeutics from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $6.00 to $13.00 in a report on Friday. Weiss Ratings reissued a “sell (d-)” rating on shares of Relay Therapeutics in a research report on Tuesday, October 14th. Guggenheim initiated coverage on shares of Relay Therapeutics in a research note on Thursday, September 4th. They issued a “buy” rating and a $15.00 target price on the stock. Finally, HC Wainwright decreased their price target on shares of Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Relay Therapeutics Price Performance

The company’s fifty day simple moving average is $6.96 and its 200-day simple moving average is $4.86. The firm has a market capitalization of $1.47 billion, a PE ratio of -4.85 and a beta of 1.50.

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

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, insider Peter Rahmer sold 21,394 shares of Relay Therapeutics stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $7.50, for a total transaction of $160,455.00. Following the completion of the sale, the insider directly owned 337,469 shares in the company, valued at approximately $2,531,017.50. The trade was a 5.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Thomas Catinazzo sold 21,664 shares of the company’s stock in a transaction on 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 in the company, valued at $2,286,369.99. This trade represents a 6.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 155,163 shares of company stock worth $1,117,630. 4.32% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RLAY. Tudor Investment Corp ET AL purchased a new stake in Relay Therapeutics in the third quarter valued at $399,000. CIBC Bancorp USA Inc. acquired a new position in shares of Relay Therapeutics in the 3rd quarter valued at about $74,000. Mayport LLC purchased a new stake in shares of Relay Therapeutics in the third quarter worth about $259,000. Abel Hall LLC purchased a new stake in shares of Relay Therapeutics in the third quarter worth about $58,000. Finally, TCG Crossover Management LLC acquired a new stake in Relay Therapeutics during the third quarter worth about $9,450,000. 96.98% of the stock is currently owned by institutional investors and hedge funds.

About Relay Therapeutics

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.