Relay Therapeutics (NASDAQ:RLAY) Shares Climb 7.7% – What’s Next?

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares rose 7.7% during mid-day trading on Tuesday. The company traded as high as $18.36 and last traded at $18.41. Approximately 441,169 shares were traded during trading, a decline of 86% from the average daily volume of 3,160,879 shares. The stock had previously closed at $17.09.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RLAY. Citizens Jmp lifted their target price on Relay Therapeutics from $21.00 to $26.00 and gave the company a “market outperform” rating in a report on Monday, August 10th. Barclays upped their price target on Relay Therapeutics from $27.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. JPMorgan Chase & Co. increased their price target on shares of Relay Therapeutics from $28.00 to $31.00 and gave the stock an “overweight” rating in a report on Friday, August 14th. Wall Street Zen lowered shares of Relay Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, HC Wainwright boosted their price objective on shares of Relay Therapeutics from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $25.92.

Relay Therapeutics Price Performance

The company has a fifty day moving average price of $18.77 and a 200 day moving average price of $16.98. The company has a market cap of $4.00 billion, a PE ratio of -11.64 and a beta of 1.72.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Thursday, August 6th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.02). The company had revenue of $0.35 million for the quarter, compared to analyst estimates of $0.96 million. As a group, sell-side analysts predict that Relay Therapeutics, Inc. will post -1.61 EPS for the current fiscal year.

Insider Transactions at Relay Therapeutics

In other news, insider Donald A. Bergstrom sold 8,530 shares of Relay Therapeutics stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $18.97, for a total transaction of $161,814.10. Following the completion of the sale, the insider directly owned 399,130 shares of the company’s stock, valued at approximately $7,571,496.10. The trade was a 2.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thomas Catinazzo sold 17,717 shares of the company’s stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $18.59, for a total transaction of $329,359.03. Following the completion of the transaction, the chief financial officer owned 105,134 shares of the company’s stock, valued at $1,954,441.06. This trade represents a 14.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 6,149,314 shares of company stock worth $119,185,022. Company insiders own 5.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Relay Therapeutics during the 2nd quarter worth $286,042,000. Perceptive Advisors LLC raised its position in shares of Relay Therapeutics by 412.3% during the first quarter. Perceptive Advisors LLC now owns 9,751,141 shares of the company’s stock valued at $97,024,000 after buying an additional 7,847,896 shares during the last quarter. Spruce Street Capital LP purchased a new stake in Relay Therapeutics in the 2nd quarter worth $55,832,979. Bank of America Corp DE bought a new position in Relay Therapeutics during the second quarter valued at approximately $50,425,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Relay Therapeutics by 18.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,940,536 shares of the company’s stock valued at $29,248,000 after purchasing an additional 460,186 shares in the last quarter. Institutional investors own 96.98% of the company’s stock.

About Relay Therapeutics

Relay Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines for cancer and other serious diseases. The company uses its Dynamo platform, which combines structural biology, computational modeling, machine learning and experimental science to study how proteins move and interact. Relay aims to use this approach to identify precisely targeted therapies, including medicines designed to bind to previously difficult-to-drug sites.

The company’s pipeline has primarily focused on oncology, including investigational small-molecule therapies directed at cancer-driving proteins and signaling pathways.