Relay Therapeutics (NASDAQ:RLAY) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Relay Therapeutics (NASDAQ:RLAY) from a sell rating to a hold rating in a research report released on Saturday morning,Wall Street Zen reports.

RLAY has been the topic of a number of other research reports. JPMorgan Chase & Co. raised their price objective on shares of Relay Therapeutics from $28.00 to $31.00 and gave the stock an “overweight” rating in a research note on Friday, August 14th. Barclays boosted their target price on shares of Relay Therapeutics from $27.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Citizens Jmp boosted their target price on shares of Relay Therapeutics from $21.00 to $26.00 and gave the company a “market outperform” rating in a research note on Monday, August 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Relay Therapeutics in a report on Friday, October 2nd. Finally, Guggenheim restated a “buy” rating on shares of Relay Therapeutics in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $27.00.

Relay Therapeutics Stock Up 9.6%

Shares of RLAY stock opened at $20.39 on Friday. The stock has a market cap of $4.47 billion, a PE ratio of -13.50 and a beta of 1.74. The business has a 50-day simple moving average of $18.34 and a 200-day simple moving average of $15.26. Relay Therapeutics has a 52-week low of $5.95 and a 52-week high of $21.27.

Relay Therapeutics (NASDAQ:RLAY) last posted its earnings results on Wednesday, November 4th. The company reported ($0.37) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.03. Sell-side analysts anticipate that Relay Therapeutics will post -1.59 earnings per share for the current fiscal year.

Insider Buying and Selling at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 48,199 shares of the company’s stock in a transaction dated Wednesday, October 7th. The shares were sold at an average price of $18.10, for a total transaction of $872,401.90. Following the completion of the transaction, the chief executive officer owned 471,301 shares in the company, valued at $8,530,548.10. This represents a 9.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Pauling (Cayman) Ltd Svf sold 6,000,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $19.40, for a total transaction of $116,400,000.00. Following the transaction, the insider owned 21,904,963 shares of the company’s stock, valued at approximately $424,956,282.20. This trade represents a 21.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 6,149,344 shares of company stock valued at $119,185,625. Corporate insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On Relay Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Relay Therapeutics in the second quarter worth approximately $286,042,000. Perceptive Advisors LLC raised its stake in Relay Therapeutics by 412.3% in the 1st quarter. Perceptive Advisors LLC now owns 9,751,141 shares of the company’s stock valued at $97,024,000 after purchasing an additional 7,847,896 shares during the last quarter. Spruce Street Capital LP acquired a new position in Relay Therapeutics in the 2nd quarter valued at $55,832,979. Bank of America Corp DE purchased a new position in Relay Therapeutics in the 2nd quarter valued at $50,425,000. Finally, EcoR1 Capital LLC purchased a new position in Relay Therapeutics in the 1st quarter valued at $18,952,000. Hedge funds and other institutional investors own 96.98% of the company’s stock.

About Relay Therapeutics

Relay Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for patients with serious diseases, with an emphasis on cancer. The company uses its computational drug discovery platform to study how proteins move and interact, aiming to identify drug targets and design therapies against them.

Relay’s research combines experimental biology, structural biology and computational methods. Its drug development programs have included candidates targeting cancer-related pathways, such as FGFR2 and PI3Kα.