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

Relay Therapeutics, Inc. (NASDAQ:RLAY) has been given a consensus rating of “Moderate Buy” by the eleven ratings firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $20.50.

A number of analysts recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a research report on Tuesday, January 14th. Leerink Partners lowered their price target on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. Finally, JMP Securities reissued a “market outperform” rating and issued a $21.00 price objective on shares of Relay Therapeutics in a report on Thursday, December 12th.

Insider Activity at Relay Therapeutics

In related news, insider Peter Rahmer sold 32,156 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total value of $133,447.40. Following the transaction, the insider now owns 357,507 shares in the company, valued at approximately $1,483,654.05. This represents a 8.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas Catinazzo sold 36,036 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $4.63, for a total transaction of $166,846.68. Following the completion of the transaction, the chief financial officer now directly owns 263,190 shares in the company, valued at approximately $1,218,569.70. This represents a 12.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 354,646 shares of company stock worth $1,672,757. Company insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in Relay Therapeutics by 6.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 41,203 shares of the company’s stock worth $292,000 after buying an additional 2,547 shares during the period. Steward Partners Investment Advisory LLC increased its position in Relay Therapeutics by 160.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,500 shares of the company’s stock worth $27,000 after acquiring an additional 4,000 shares during the period. E Fund Management Co. Ltd. raised its stake in Relay Therapeutics by 52.8% in the 4th quarter. E Fund Management Co. Ltd. now owns 17,654 shares of the company’s stock worth $73,000 after purchasing an additional 6,104 shares in the last quarter. Arizona State Retirement System boosted its holdings in Relay Therapeutics by 30.0% in the 4th quarter. Arizona State Retirement System now owns 32,737 shares of the company’s stock valued at $135,000 after purchasing an additional 7,547 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Relay Therapeutics during the 3rd quarter worth approximately $63,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Relay Therapeutics Trading Down 6.4 %

Shares of RLAY stock opened at $4.22 on Wednesday. The firm’s fifty day moving average price is $4.50 and its two-hundred day moving average price is $5.91. Relay Therapeutics has a 1 year low of $3.50 and a 1 year high of $11.16. The firm has a market capitalization of $706.34 million, a P/E ratio of -1.62 and a beta of 1.61.

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.