Relay Therapeutics (NASDAQ:RLAY) Stock Price Up 6.7%

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price rose 6.7% during trading on Tuesday . The stock traded as high as $9.39 and last traded at $9.39. Approximately 360,995 shares changed hands during trading, a decline of 71% from the average daily volume of 1,234,029 shares. The stock had previously closed at $8.80.

Analyst Upgrades and Downgrades

RLAY has been the subject of several research reports. Oppenheimer reiterated an “outperform” rating and set a $25.00 price objective (down from $33.00) on shares of Relay Therapeutics in a research note on Monday, May 6th. JMP Securities reduced their target price on shares of Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating for the company in a report on Thursday, July 18th. Barclays raised shares of Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 target price for the company in a report on Friday, May 10th. Finally, HC Wainwright cut their price objective on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $21.80.

Relay Therapeutics Stock Up 7.7 %

The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of -3.55 and a beta of 1.66. The business’s 50-day moving average is $7.13 and its two-hundred day moving average is $8.13.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.08. The business had revenue of $10.01 million for the quarter, compared to analyst estimates of $0.12 million. The business’s revenue was up 4327.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.78) earnings per share. As a group, analysts forecast that Relay Therapeutics, Inc. will post -2.81 EPS for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In other Relay Therapeutics news, insider Peter Rahmer sold 20,450 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total value of $144,377.00. Following the transaction, the insider now directly owns 432,425 shares in the company, valued at approximately $3,052,920.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Relay Therapeutics news, CFO Thomas Catinazzo sold 9,373 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $6.24, for a total value of $58,487.52. Following the transaction, the chief financial officer now directly owns 330,430 shares in the company, valued at approximately $2,061,883.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter Rahmer sold 20,450 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total transaction of $144,377.00. Following the completion of the transaction, the insider now owns 432,425 shares in the company, valued at $3,052,920.50. The disclosure for this sale can be found here. Insiders have sold 53,375 shares of company stock worth $354,836 in the last ninety days. 4.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Relay Therapeutics

Several large investors have recently made changes to their positions in the stock. New York State Common Retirement Fund lifted its holdings in shares of Relay Therapeutics by 3.2% in the 4th quarter. New York State Common Retirement Fund now owns 36,678 shares of the company’s stock worth $404,000 after acquiring an additional 1,127 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of Relay Therapeutics by 5.7% in the 4th quarter. Handelsbanken Fonder AB now owns 29,500 shares of the company’s stock worth $325,000 after acquiring an additional 1,600 shares during the last quarter. American International Group Inc. lifted its holdings in shares of Relay Therapeutics by 4.0% in the 1st quarter. American International Group Inc. now owns 46,686 shares of the company’s stock worth $387,000 after acquiring an additional 1,810 shares during the last quarter. Congress Asset Management Co. MA lifted its holdings in shares of Relay Therapeutics by 1.4% in the 1st quarter. Congress Asset Management Co. MA now owns 149,082 shares of the company’s stock worth $1,237,000 after acquiring an additional 2,108 shares during the last quarter. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Relay Therapeutics by 25.7% in the 1st quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after acquiring an additional 2,850 shares during the last quarter. 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.