Relay Therapeutics (NASDAQ:RLAY) Shares Gap Up – Should You Buy?

Relay Therapeutics, Inc. (NASDAQ:RLAY)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $4.43, but opened at $4.90. Relay Therapeutics shares last traded at $4.84, with a volume of 458,680 shares changing hands.

Analyst Ratings Changes

RLAY has been the topic of a number of analyst reports. Oppenheimer lowered Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 10th. The Goldman Sachs Group assumed coverage on Relay Therapeutics in a report on Tuesday, September 10th. They set a “buy” rating and a $20.00 price objective on the stock. Jefferies Financial Group upgraded Relay Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the company from $10.60 to $16.00 in a research note on Tuesday, September 10th. JPMorgan Chase & Co. dropped their price target on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, September 10th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $28.00 price objective on shares of Relay Therapeutics in a research note on Monday, September 16th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.50.

Relay Therapeutics Trading Up 2.5 %

The stock’s 50-day moving average price is $5.69 and its 200-day moving average price is $6.73. The company has a market capitalization of $759.92 million, a P/E ratio of -1.85 and a beta of 1.59.

Relay Therapeutics (NASDAQ:RLAY) last issued its earnings results on Wednesday, November 6th. The company reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.14. The firm’s revenue was down 100.0% compared to the same quarter last year. During the same period last year, the company earned ($0.54) earnings per share. Sell-side analysts expect that Relay Therapeutics, Inc. will post -2.56 earnings per share for the current fiscal year.

Insider Activity

In other Relay Therapeutics news, CFO Thomas Catinazzo sold 6,802 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.06, for a total transaction 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. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On Relay Therapeutics

Large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC acquired a new position in shares of Relay Therapeutics during the second quarter worth approximately $37,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Relay Therapeutics during the 3rd quarter valued at $63,000. Portland Investment Counsel Inc. acquired a new position in Relay Therapeutics during the 3rd quarter worth $71,000. Values First Advisors Inc. acquired a new position in Relay Therapeutics during the 3rd quarter worth $75,000. Finally, Point72 DIFC Ltd bought a new position in shares of Relay Therapeutics in the third quarter worth $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.