Relay Therapeutics, Inc. (NASDAQ:RLAY – Get Free Report) shares gapped down prior to trading on Wednesday after HC Wainwright lowered their price target on the stock from $20.00 to $18.00. The stock had previously closed at $8.98, but opened at $8.31. HC Wainwright currently has a buy rating on the stock. Relay Therapeutics shares last traded at $8.49, with a volume of 149,961 shares traded.
A number of other equities analysts have also weighed in on the company. JMP Securities reissued a “market outperform” rating and issued a $24.00 target price on shares of Relay Therapeutics in a research report on Monday, May 6th. Barclays raised Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 target price for the company in a research report on Friday, May 10th. Finally, Oppenheimer reissued an “outperform” rating and issued a $25.00 target price (down previously from $33.00) on shares of Relay Therapeutics in a research report on Monday, May 6th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Relay Therapeutics currently has an average rating of “Buy” and a consensus target price of $22.40.
Insider Buying and Selling at Relay Therapeutics
In other Relay Therapeutics news, CFO Thomas Catinazzo sold 9,373 shares of the 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 directly owns 330,430 shares of the company’s stock, valued at approximately $2,061,883.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Peter Rahmer sold 20,450 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total value of $144,377.00. Following the completion of the transaction, the insider now directly owns 432,425 shares of the company’s stock, valued at $3,052,920.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Thomas Catinazzo sold 9,373 shares of the firm’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 transaction, the chief financial officer now directly owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The disclosure for this sale can be found here. Insiders sold a total of 53,375 shares of company stock valued at $354,836 in the last three months. 4.32% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new position in shares of Relay Therapeutics in the first quarter valued at $79,000. Virtu Financial LLC bought a new stake in Relay Therapeutics in the first quarter worth $87,000. Los Angeles Capital Management LLC lifted its position in Relay Therapeutics by 25.7% in the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after buying an additional 2,850 shares during the last quarter. Victory Capital Management Inc. bought a new stake in Relay Therapeutics in the fourth quarter worth $126,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Relay Therapeutics in the first quarter worth $127,000. 96.98% of the stock is owned by hedge funds and other institutional investors.
Relay Therapeutics Price Performance
The company has a market capitalization of $1.18 billion, a P/E ratio of -3.37 and a beta of 1.66. The business has a 50-day moving average of $6.99 and a 200-day moving average of $8.22.
Relay Therapeutics (NASDAQ:RLAY – Get Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.62) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.08. The company had revenue of $10.01 million during the quarter, compared to the consensus estimate of $0.12 million. The firm’s quarterly revenue was up 4327.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.78) earnings per share. Sell-side analysts predict that Relay Therapeutics, Inc. will post -2.81 EPS for the current fiscal year.
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.