Relay Therapeutics (NASDAQ:RLAY) Shares Up 6.8% – Here’s What Happened

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s share price rose 6.8% during mid-day trading on Wednesday . The stock traded as high as $4.98 and last traded at $4.98. Approximately 777,631 shares traded hands during trading, a decline of 76% from the average daily volume of 3,200,997 shares. The stock had previously closed at $4.66.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on RLAY shares. HC Wainwright reissued a “buy” rating and issued a $16.00 price objective on shares of Relay Therapeutics in a research report on Tuesday, January 14th. JMP Securities reissued a “market outperform” rating and set a $21.00 price target on shares of Relay Therapeutics in a research note on Thursday, December 12th. Finally, Leerink Partners lowered their price objective on 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 equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Relay Therapeutics Stock Down 0.8 %

The firm has a market cap of $811.79 million, a price-to-earnings ratio of -1.86 and a beta of 1.60. The company has a 50 day moving average of $4.55 and a 200 day moving average of $6.20.

Relay Therapeutics (NASDAQ:RLAY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. During the same period last year, the business earned ($0.54) earnings per share. The company’s quarterly revenue was down 100.0% compared to the same quarter last year. As a group, equities research analysts expect that Relay Therapeutics, Inc. will post -2.55 earnings per share for the current fiscal year.

Insider Transactions at Relay Therapeutics

In other Relay Therapeutics news, CEO Sanjiv Patel sold 125,000 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $4.80, for a total value of $600,000.00. Following the sale, the chief executive officer now directly owns 324,548 shares of the company’s stock, valued at $1,557,830.40. This trade represents a 27.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction, the chief financial officer now directly owns 306,391 shares of the company’s stock, valued at $1,856,729.46. This trade represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 287,319 shares of company stock valued at $1,381,067. Insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC purchased a new stake in shares of Relay Therapeutics during the second quarter valued at $37,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Relay Therapeutics in the third quarter worth approximately $63,000. Portland Investment Counsel Inc. acquired a new stake in shares of Relay Therapeutics during the third quarter valued at approximately $71,000. Values First Advisors Inc. purchased a new stake in shares of Relay Therapeutics in the 3rd quarter valued at approximately $75,000. Finally, Point72 DIFC Ltd acquired a new position in Relay Therapeutics in the 3rd quarter worth approximately $134,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

About Relay Therapeutics

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.