Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY – Get Free Report) gapped down before the market opened on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $23.00 to $21.00. The stock had previously closed at $9.00, but opened at $6.80. JPMorgan Chase & Co. currently has an overweight rating on the stock. Relay Therapeutics shares last traded at $7.45, with a volume of 8,467,067 shares traded.
A number of other equities research analysts have also recently issued reports on the stock. Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and boosted their target price for the company from $10.60 to $16.00 in a research report on Tuesday. The Goldman Sachs Group assumed coverage on shares of Relay Therapeutics in a research report on Tuesday. They issued a “buy” rating and a $20.00 target price for the company. 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 research report on Thursday, July 18th. HC Wainwright reduced their target price on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Finally, Barclays reduced their target price on shares of Relay Therapeutics from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. One investment 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 company currently has an average rating of “Moderate Buy” and a consensus target price of $21.22.
Insider Activity at Relay Therapeutics
In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the completion of the transaction, the insider now owns 391,929 shares of the company’s stock, valued at $3,209,898.51. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Sanjiv Patel sold 36,706 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $9.07, for a total value of $332,923.42. Following the completion of the transaction, the chief executive officer now owns 766,130 shares of the company’s stock, valued at $6,948,799.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Peter Rahmer sold 13,708 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total value of $112,268.52. Following the completion of the transaction, the insider now directly owns 391,929 shares of the company’s stock, valued at approximately $3,209,898.51. The disclosure for this sale can be found here. Insiders sold a total of 84,738 shares of company stock valued at $715,499 over the last quarter. 4.32% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in RLAY. Norges Bank acquired a new position in shares of Relay Therapeutics in the fourth quarter valued at approximately $33,789,000. BVF Inc. IL increased its stake in shares of Relay Therapeutics by 67.8% in the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after buying an additional 1,604,240 shares during the period. Logos Global Management LP acquired a new position in shares of Relay Therapeutics in the second quarter valued at approximately $8,476,000. Vanguard Group Inc. increased its stake in shares of Relay Therapeutics by 10.9% in the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock valued at $98,070,000 after buying an additional 1,165,282 shares during the period. Finally, Bellevue Group AG boosted its holdings in Relay Therapeutics by 21.5% in the fourth quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock valued at $65,356,000 after acquiring an additional 1,051,082 shares during the last quarter. Institutional investors and hedge funds own 96.98% of the company’s stock.
Relay Therapeutics Trading Down 13.8 %
The business’s 50-day simple moving average is $7.46 and its two-hundred day simple moving average is $7.43. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -2.77 and a beta of 1.64.
Relay Therapeutics (NASDAQ:RLAY – Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.73) by $0.04. During the same quarter last year, the firm earned ($0.81) EPS. On average, analysts forecast that Relay Therapeutics, Inc. will post -2.91 earnings per share for the current fiscal year.
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.