Relay Therapeutics (NASDAQ:RLAY) Shares Gap Up – Still a Buy?

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $4.43, but opened at $4.90. Relay Therapeutics shares last traded at $4.84, with a volume of 458,680 shares.

Analysts Set New Price Targets

A number of equities research analysts have commented on RLAY shares. JPMorgan Chase & Co. decreased their price objective on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. Barclays upped their price target on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Oppenheimer lowered Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. The Goldman Sachs Group started coverage on shares of Relay Therapeutics in a research report on Tuesday, September 10th. They set a “buy” rating and a $20.00 target price on the stock. Finally, Leerink Partners lowered their price target on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, December 4th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Relay Therapeutics Price Performance

The firm’s fifty day moving average price is $5.62 and its 200-day moving average price is $6.71.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.77) by $0.14. During the same quarter in the prior year, the firm earned ($0.54) earnings per share. The business’s revenue was down 100.0% on a year-over-year basis. Sell-side analysts expect that Relay Therapeutics, Inc. will post -2.56 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Thomas Catinazzo sold 6,802 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.06, for a total value of $41,220.12. Following the completion of the sale, the chief financial officer now owns 306,391 shares of the company’s stock, valued at approximately $1,856,729.46. This represents a 2.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.32% of the stock is owned by corporate insiders.

Institutional Trading of Relay Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC bought a new position in Relay Therapeutics during the second quarter worth about $37,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Relay Therapeutics during the 3rd quarter worth approximately $63,000. Portland Investment Counsel Inc. bought a new stake in Relay Therapeutics in the 3rd quarter valued at $71,000. Values First Advisors Inc. bought a new position in shares of Relay Therapeutics in the third quarter valued at about $75,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Relay Therapeutics during the 3rd quarter worth about $134,000. Institutional investors and hedge funds 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.