Relay Therapeutics (NASDAQ:RLAY) Price Target Lowered to $18.00 at The Goldman Sachs Group

Relay Therapeutics (NASDAQ:RLAY) had its price objective reduced by The Goldman Sachs Group from $20.00 to $18.00 in a report released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also recently commented on RLAY. JMP Securities restated a “market outperform” rating and set a $21.00 price objective on shares of Relay Therapeutics in a research note on Thursday, December 12th. Stifel Nicolaus decreased their target price on shares of Relay Therapeutics from $27.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday. HC Wainwright reiterated a “buy” rating and issued a $16.00 target price on shares of Relay Therapeutics in a research note on Tuesday, January 14th. Finally, Leerink Partners decreased their target price on shares of Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Relay Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $19.80.

Relay Therapeutics Trading Down 13.3 %

Shares of NASDAQ RLAY opened at $3.25 on Thursday. Relay Therapeutics has a 12 month low of $3.25 and a 12 month high of $10.72. The company has a 50 day simple moving average of $4.31 and a two-hundred day simple moving average of $5.54. The stock has a market cap of $543.99 million, a price-to-earnings ratio of -1.25 and a beta of 1.61.

Relay Therapeutics (NASDAQ:RLAY) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.57) by $0.12. Analysts forecast that Relay Therapeutics will post -2.55 EPS for the current year.

Insider Buying and Selling

In related news, insider Peter Rahmer sold 32,156 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total value of $133,447.40. Following the completion of the sale, the insider now owns 357,507 shares of the company’s stock, valued at approximately $1,483,654.05. The trade was a 8.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sanjiv Patel sold 75,324 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $3.70, for a total transaction of $278,698.80. Following the sale, the chief executive officer now directly owns 883,089 shares of the company’s stock, valued at $3,267,429.30. The trade was a 7.86 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 570,152 shares of company stock valued at $2,491,157. 4.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of large investors have recently modified their holdings of RLAY. Allspring Global Investments Holdings LLC grew its holdings in shares of Relay Therapeutics by 6.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 41,203 shares of the company’s stock worth $292,000 after buying an additional 2,547 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of Relay Therapeutics by 65.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 25,751 shares of the company’s stock valued at $182,000 after acquiring an additional 10,157 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Relay Therapeutics by 33.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 160,458 shares of the company’s stock valued at $1,137,000 after acquiring an additional 40,447 shares during the last quarter. First Turn Management LLC acquired a new position in shares of Relay Therapeutics during the 3rd quarter valued at about $8,683,000. Finally, Intech Investment Management LLC acquired a new position in shares of Relay Therapeutics during the 3rd quarter valued at about $256,000. Hedge funds and other institutional investors 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.