Relay Therapeutics (NASDAQ:RLAY) Stock Price Up 13% – Time to Buy?

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price traded up 13% during mid-day trading on Monday . The stock traded as high as $7.49 and last traded at $7.6510. 290,282 shares were traded during trading, a decline of 86% from the average session volume of 2,141,431 shares. The stock had previously closed at $6.77.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RLAY shares. Wells Fargo & Company upped their price target on Relay Therapeutics from $4.00 to $6.00 and gave the company an “equal weight” rating in a research note on Friday, November 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Relay Therapeutics in a research note on Tuesday, October 14th. Raymond James Financial cut their target price on shares of Relay Therapeutics from $29.00 to $19.00 and set a “strong-buy” rating on the stock in a report on Friday, August 8th. Guggenheim started coverage on shares of Relay Therapeutics in a report on Thursday, September 4th. They issued a “buy” rating and a $15.00 price target for the company. Finally, HC Wainwright lowered their price objective on shares of Relay Therapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Relay Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $16.75.

Relay Therapeutics Stock Up 20.0%

The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of -4.65 and a beta of 1.75. The business’s fifty day moving average is $6.03 and its 200 day moving average is $4.34.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Thursday, November 6th. The company reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.04). Equities research analysts expect that Relay Therapeutics, Inc. will post -2.55 EPS for the current year.

Insider Buying and Selling at Relay Therapeutics

In related news, CEO Sanjiv Patel sold 62,073 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $7.00, for a total value of $434,511.00. Following the completion of the transaction, the chief executive officer owned 703,215 shares of the company’s stock, valued at approximately $4,922,505. This trade represents a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Rahmer sold 21,394 shares of the firm’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $7.50, for a total value of $160,455.00. Following the completion of the transaction, the insider owned 337,469 shares of the company’s stock, valued at $2,531,017.50. The trade was a 5.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 155,163 shares of company stock valued at $1,117,630 over the last quarter. Insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Murchinson Ltd. acquired a new position in shares of Relay Therapeutics during the 1st quarter worth approximately $26,000. DRW Securities LLC bought a new position in shares of Relay Therapeutics in the first quarter valued at $28,000. FNY Investment Advisers LLC increased its holdings in Relay Therapeutics by 100.0% during the second quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company’s stock worth $34,000 after buying an additional 5,000 shares during the last quarter. Quinn Opportunity Partners LLC acquired a new position in Relay Therapeutics during the second quarter worth $35,000. Finally, May Hill Capital LLC bought a new stake in Relay Therapeutics during the second quarter worth $38,000. 96.98% of the stock is currently owned by institutional investors.

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.