Relay Therapeutics, Inc. (NASDAQ:RLAY) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have been assigned a consensus rating of “Moderate Buy” from the nine brokerages that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, six have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $16.75.

Several research analysts recently issued reports on the company. Raymond James Financial cut their price objective on Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating for the company in a research report on Friday, August 8th. Wells Fargo & Company raised their price target on Relay Therapeutics from $4.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Friday, November 7th. HC Wainwright reduced their price objective on Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Tuesday, August 26th. Guggenheim initiated coverage on Relay Therapeutics in a research note on Thursday, September 4th. They set a “buy” rating and a $15.00 price objective on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Relay Therapeutics in a research report on Tuesday, October 14th.

Relay Therapeutics Stock Down 6.6%

Relay Therapeutics stock opened at $7.40 on Tuesday. The firm has a market capitalization of $1.28 billion, a PE ratio of -4.23 and a beta of 1.50. Relay Therapeutics has a 52 week low of $1.77 and a 52 week high of $8.36. The firm’s 50-day simple moving average is $6.46 and its 200 day simple moving average is $4.56.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Thursday, November 6th. The company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.04). On average, research analysts expect that Relay Therapeutics will post -2.55 EPS for the current fiscal year.

Insider Activity

In related news, CEO Sanjiv Patel sold 62,073 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $7.00, for a total transaction of $434,511.00. Following the sale, the chief executive officer owned 703,215 shares in the company, valued at approximately $4,922,505. This trade represents a 8.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas Catinazzo sold 21,664 shares of Relay Therapeutics stock in a transaction that occurred on Tuesday, October 28th. The stock was 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 of the company’s stock, valued at $2,286,369.99. The trade was a 6.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 155,163 shares of company stock valued at $1,117,630. 4.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Relay Therapeutics

Several hedge funds have recently made changes to their positions in the business. Murchinson Ltd. purchased a new stake in shares of Relay Therapeutics in the first quarter valued at $26,000. DRW Securities LLC purchased a new position in Relay Therapeutics during the first quarter worth about $28,000. FNY Investment Advisers LLC boosted its stake in Relay Therapeutics by 100.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company’s stock worth $34,000 after buying an additional 5,000 shares during the last quarter. Quinn Opportunity Partners LLC purchased a new stake in Relay Therapeutics in the 2nd quarter valued at about $35,000. Finally, May Hill Capital LLC acquired a new position in shares of Relay Therapeutics during the 2nd quarter valued at about $38,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Relay Therapeutics Company Profile

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.