Relay Therapeutics (NASDAQ:RLAY) Given “Market Outperform” Rating at JMP Securities

Relay Therapeutics (NASDAQ:RLAY)‘s stock had its “market outperform” rating reiterated by analysts at JMP Securities in a note issued to investors on Tuesday, Benzinga reports. They presently have a $21.00 target price on the stock. JMP Securities’ price target would suggest a potential upside of 165.15% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Oppenheimer cut shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 10th. Jefferies Financial Group raised shares of Relay Therapeutics from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $10.60 to $16.00 in a report on Tuesday, September 10th. The Goldman Sachs Group assumed coverage on Relay Therapeutics in a report on Tuesday, September 10th. They issued a “buy” rating and a $20.00 target price on the stock. Barclays raised their price target on Relay Therapeutics from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.11.

Relay Therapeutics Trading Down 2.3 %

NASDAQ:RLAY traded down $0.19 during midday trading on Tuesday, reaching $7.92. The company had a trading volume of 680,499 shares, compared to its average volume of 1,426,353. Relay Therapeutics has a 12-month low of $5.70 and a 12-month high of $12.14. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of -3.00 and a beta of 1.64. The stock’s fifty day simple moving average is $7.57 and its 200-day simple moving average is $7.36.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results 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 period last year, the business posted ($0.81) EPS. As a group, sell-side analysts expect that Relay Therapeutics will post -2.86 EPS for the current year.

Insider Buying and Selling

In related news, insider Peter Rahmer sold 13,708 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the transaction, the insider now directly owns 391,929 shares of the company’s stock, valued at approximately $3,209,898.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Peter Rahmer sold 13,708 shares of the firm’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 transaction of $112,268.52. Following the completion of the sale, the insider now owns 391,929 shares of the company’s stock, valued at $3,209,898.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas Catinazzo sold 10,780 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $8.56, for a total transaction of $92,276.80. Following the completion of the sale, the chief financial officer now directly owns 319,650 shares of the company’s stock, valued at approximately $2,736,204. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,738 shares of company stock valued at $715,499. 4.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Caxton Associates LP boosted its holdings in shares of Relay Therapeutics by 637.3% during the fourth quarter. Caxton Associates LP now owns 279,101 shares of the company’s stock valued at $3,073,000 after acquiring an additional 241,247 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Relay Therapeutics by 57.2% in the 1st quarter. Russell Investments Group Ltd. now owns 179,972 shares of the company’s stock worth $1,494,000 after purchasing an additional 65,484 shares in the last quarter. Finepoint Capital LP lifted its position in shares of Relay Therapeutics by 51.3% during the 4th quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock valued at $14,510,000 after acquiring an additional 447,000 shares during the last quarter. BVF Inc. IL boosted its position in shares of Relay Therapeutics by 67.8% in the 4th quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock valued at $43,710,000 after purchasing an additional 1,604,240 shares during the period. Finally, Norges Bank purchased a new position in shares of Relay Therapeutics in the fourth quarter worth approximately $33,789,000. 96.98% of the stock is owned by institutional investors and hedge funds.

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.