Relay Therapeutics (NASDAQ:RLAY) Stock Breaks Above 50-Day Moving Average – Here’s What Happened

Relay Therapeutics, Inc. (NASDAQ:RLAY) passed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $18.31 and traded as high as $18.72. Relay Therapeutics shares last traded at $18.60, with a volume of 3,200,741 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on RLAY shares. Guggenheim restated a “buy” rating on shares of Relay Therapeutics in a report on Friday, August 7th. Canaccord Genuity Group started coverage on Relay Therapeutics in a research note on Thursday, July 16th. They issued a “buy” rating and a $29.00 price target on the stock. Wall Street Zen upgraded Relay Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday. Citigroup reissued a “market outperform” rating on shares of Relay Therapeutics in a research note on Monday, August 10th. Finally, Citizens Jmp increased their price objective on Relay Therapeutics from $21.00 to $26.00 and gave the company a “market outperform” rating in a research note on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Relay Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $25.92.

Relay Therapeutics Stock Performance

The stock has a market capitalization of $4.08 billion, a P/E ratio of -12.32 and a beta of 1.74. The stock has a 50-day moving average price of $18.31 and a two-hundred day moving average price of $15.20.

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

Insiders Place Their Bets

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 1,469 shares of the company’s stock in a transaction on Wednesday, October 28th. The shares were sold at an average price of $18.62, for a total value of $27,352.78. Following the completion of the transaction, the chief financial officer directly owned 103,665 shares in the company, valued at approximately $1,930,242.30. This represents a 1.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Sanjiv Patel sold 48,199 shares of the firm’s stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $18.10, for a total transaction of $872,401.90. Following the completion of the sale, the chief executive officer directly owned 471,301 shares of the company’s stock, valued at approximately $8,530,548.10. This represents a 9.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 6,149,344 shares of company stock valued at $119,185,625 over the last quarter. 5.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Relay Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Relay Therapeutics in the second quarter worth about $286,042,000. Perceptive Advisors LLC raised its position in shares of Relay Therapeutics by 412.3% in the 1st quarter. Perceptive Advisors LLC now owns 9,751,141 shares of the company’s stock worth $97,024,000 after acquiring an additional 7,847,896 shares in the last quarter. Spruce Street Capital LP bought a new position in shares of Relay Therapeutics in the 2nd quarter worth approximately $55,832,979. Dimensional Fund Advisors LP raised its position in shares of Relay Therapeutics by 18.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,940,536 shares of the company’s stock worth $29,248,000 after acquiring an additional 460,186 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of Relay Therapeutics in the 2nd quarter valued at approximately $50,425,000. Hedge funds and other 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.