Relay Therapeutics (NASDAQ:RLAY) Earns Market Outperform Rating from JMP Securities

JMP Securities reiterated their market outperform rating on shares of Relay Therapeutics (NASDAQ:RLAY) in a report released on Tuesday morning, Benzinga reports. They currently have a $21.00 target price on the stock.

A number of other research analysts have also recently weighed in on RLAY. Jefferies Financial Group upgraded shares of Relay Therapeutics from a hold rating to a buy rating and lifted their price objective for the company from $10.60 to $16.00 in a report on Tuesday, September 10th. Bank of America boosted their price target on shares of Relay Therapeutics from $20.00 to $24.00 and gave the stock a buy rating in a report on Tuesday, September 10th. Stifel Nicolaus reiterated a buy rating and set a $28.00 price target on shares of Relay Therapeutics in a report on Monday. JPMorgan Chase & Co. lowered their price target on shares of Relay Therapeutics from $23.00 to $21.00 and set an overweight rating for the company in a report on Tuesday, September 10th. Finally, Oppenheimer cut shares of Relay Therapeutics from an outperform rating to a market perform rating in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $21.11.

Relay Therapeutics Stock Performance

Shares of RLAY stock opened at $7.86 on Tuesday. The company has a 50 day moving average price of $7.60 and a 200 day moving average price of $7.34. Relay Therapeutics has a fifty-two week low of $5.70 and a fifty-two week high of $12.14.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter last year, the firm posted ($0.81) earnings per share. On average, equities analysts predict that Relay Therapeutics will post -2.86 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In other news, CFO Thomas Catinazzo sold 9,373 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $6.24, for a total transaction of $58,487.52. Following the completion of the sale, the chief financial officer now owns 330,430 shares in the company, valued at approximately $2,061,883.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Peter Rahmer sold 13,523 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $8.54, for a total value of $115,486.42. Following the completion of the sale, the insider now owns 420,765 shares in the company, valued at approximately $3,593,333.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Thomas Catinazzo sold 9,373 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $6.24, for a total transaction of $58,487.52. Following the completion of the sale, the chief financial officer now owns 330,430 shares of the company’s stock, valued at approximately $2,061,883.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,738 shares of company stock worth $715,499. 4.32% of the stock is currently owned by insiders.

Institutional Trading of Relay Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC purchased a new stake in Relay Therapeutics in the 2nd quarter valued at $37,000. Allspring Global Investments Holdings LLC purchased a new stake in Relay Therapeutics in the 1st quarter valued at $79,000. Virtu Financial LLC purchased a new stake in Relay Therapeutics in the 1st quarter valued at $87,000. Victory Capital Management Inc. purchased a new stake in Relay Therapeutics in the 4th quarter valued at $126,000. Finally, Quest Partners LLC purchased a new stake in Relay Therapeutics in the 4th quarter valued at $147,000. Hedge funds and other institutional investors 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.