Brokerages Set Relay Therapeutics, Inc. (NASDAQ:RLAY) Target Price at $20.50

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have been assigned an average rating of “Moderate Buy” from the eleven research firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $20.50.

Several research analysts recently issued reports on the company. Leerink Partners reduced their target price on Relay Therapeutics from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Relay Therapeutics in a research report on Tuesday. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 price target on shares of Relay Therapeutics in a report on Thursday, December 12th.

Relay Therapeutics Trading Up 3.2 %

Shares of Relay Therapeutics stock opened at $4.46 on Friday. The company has a 50-day simple moving average of $4.67 and a two-hundred day simple moving average of $6.26. Relay Therapeutics has a one year low of $3.50 and a one year high of $11.16.

Relay Therapeutics (NASDAQ:RLAY) last posted 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. During the same quarter in the previous year, the firm posted ($0.54) EPS. Relay Therapeutics’s quarterly revenue was down 100.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Relay Therapeutics will post -2.55 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Sanjiv Patel sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $5.00, for a total transaction of $500,000.00. Following the completion of the transaction, the chief executive officer now directly owns 574,548 shares of the company’s stock, valued at $2,872,740. This represents a 14.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Peter Rahmer sold 32,156 shares of Relay Therapeutics stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $4.15, for a total transaction of $133,447.40. Following the completion of the sale, the insider now directly owns 357,507 shares in the company, valued at $1,483,654.05. This represents a 8.25 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 162,319 shares of company stock worth $781,067. Corporate insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RLAY. Bellevue Group AG raised its position in shares of Relay Therapeutics by 15.7% in the third quarter. Bellevue Group AG now owns 7,377,184 shares of the company’s stock valued at $52,230,000 after buying an additional 1,000,069 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Relay Therapeutics by 39.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,517,516 shares of the company’s stock worth $39,064,000 after purchasing an additional 1,554,115 shares in the last quarter. State Street Corp grew its position in shares of Relay Therapeutics by 1.2% in the third quarter. State Street Corp now owns 4,300,216 shares of the company’s stock valued at $30,446,000 after purchasing an additional 51,810 shares in the last quarter. Braidwell LP increased its holdings in shares of Relay Therapeutics by 16.4% in the third quarter. Braidwell LP now owns 3,499,427 shares of the company’s stock valued at $24,776,000 after purchasing an additional 492,628 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Relay Therapeutics by 15.5% during the third quarter. Geode Capital Management LLC now owns 2,732,270 shares of the company’s stock worth $19,348,000 after buying an additional 367,473 shares in the last quarter. 96.98% of the stock is owned by hedge funds and other institutional investors.

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.