Relay Therapeutics (NASDAQ:RLAY) Trading 10.9% Higher After Analyst Upgrade

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) shot up 10.9% on Wednesday after Citizens Jmp raised their price target on the stock from $19.00 to $21.00. Citizens Jmp currently has a market outperform rating on the stock. Relay Therapeutics traded as high as $13.40 and last traded at $13.38. 3,361,855 shares traded hands during mid-day trading, an increase of 14% from the average session volume of 2,936,981 shares. The stock had previously closed at $12.07.

Several other research firms have also recently issued reports on RLAY. JonesTrading started coverage on shares of Relay Therapeutics in a report on Tuesday, April 14th. They set a “hold” rating and a $18.00 price target for the company. HC Wainwright boosted their target price on Relay Therapeutics from $19.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Guggenheim increased their target price on Relay Therapeutics from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, March 13th. Wells Fargo & Company raised their price target on Relay Therapeutics from $17.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Relay Therapeutics in a report on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.60.

Insider Activity at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 17,717 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $12.86, for a total value of $227,840.62. Following the sale, the chief financial officer owned 195,178 shares in the company, valued at $2,509,989.08. This represents a 8.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders sold 40,449 shares of company stock worth $532,889. 5.04% of the stock is owned by insiders.

Key Relay Therapeutics News

Here are the key news stories impacting Relay Therapeutics this week:

• Positive Sentiment: Relay Therapeutics reported initial Phase 2 data for zovegalisib showing promising shrinkage of vascular lesions, symptom improvement, and tolerability that could support longer-term treatment. Article Title
• Positive Sentiment: Citizens JMP raised its price target on RLAY from $19 to $21 and reiterated a market outperform rating, citing upside from the current share price. Article Title
• Positive Sentiment: Raymond James lifted its price target on Relay Therapeutics from $23 to $26 and kept a strong-buy rating, reinforcing bullish sentiment after the clinical update. Article Title
• Neutral Sentiment: Analysts and market commentary highlighted the strength of the trial data, with several articles saying the stock jumped after the vascular-anomalies readout. Article Title
• Neutral Sentiment: Relay also announced a planned $175 million public offering of common stock, which adds funding but could weigh on the share price because of dilution concerns. Article Title
• Negative Sentiment: Unusually heavy put-option activity suggests some traders are hedging or betting against further upside in RLAY near term. Article Title

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC increased its position in Relay Therapeutics by 11.9% during the 1st quarter. AQR Capital Management LLC now owns 364,946 shares of the company’s stock worth $956,000 after purchasing an additional 38,812 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Relay Therapeutics by 6.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,069 shares of the company’s stock worth $221,000 after purchasing an additional 5,238 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Relay Therapeutics by 14.6% during the first quarter. Millennium Management LLC now owns 2,942,875 shares of the company’s stock worth $7,710,000 after buying an additional 374,491 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Relay Therapeutics in the first quarter valued at approximately $53,000. Finally, Woodline Partners LP raised its position in shares of Relay Therapeutics by 448.4% in the first quarter. Woodline Partners LP now owns 1,518,561 shares of the company’s stock valued at $3,979,000 after buying an additional 1,241,657 shares during the last quarter. Hedge funds and other institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Stock Up 11.3%

The firm’s 50 day moving average is $12.56 and its 200-day moving average is $9.62. The firm has a market cap of $2.57 billion, a PE ratio of -8.54 and a beta of 1.74.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.41) earnings per share 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 analyst estimates of $5.58 million. On average, analysts forecast that Relay Therapeutics, Inc. will post -1.6 earnings per share for the current year.

Relay Therapeutics Company Profile

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.