JPMorgan Chase & Co. Trims Relay Therapeutics (NASDAQ:RLAY) Target Price to $23.00

Relay Therapeutics (NASDAQ:RLAY) had its price objective lowered by JPMorgan Chase & Co. from $29.00 to $23.00 in a report released on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research firms have also recently issued reports on RLAY. HC Wainwright lowered their price objective on Relay Therapeutics from $20.00 to $18.00 and set a buy rating on the stock in a research report on Wednesday, July 17th. JMP Securities cut their price objective on Relay Therapeutics from $24.00 to $21.00 and set a market outperform rating on the stock in a report on Thursday, July 18th. Oppenheimer dropped their price objective on Relay Therapeutics from $25.00 to $24.00 and set an outperform rating on the stock in a research note on Wednesday. Finally, Barclays reduced their target price on Relay Therapeutics from $15.00 to $14.00 and set an overweight rating on the stock in a research note on Friday, July 26th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of Buy and a consensus target price of $21.67.

Relay Therapeutics Price Performance

NASDAQ:RLAY traded down $0.10 during trading hours on Wednesday, hitting $6.70. The stock had a trading volume of 1,010,104 shares, compared to its average volume of 1,237,722. The company has a 50 day simple moving average of $7.47 and a two-hundred day simple moving average of $7.86. Relay Therapeutics has a one year low of $5.70 and a one year high of $12.14. The firm has a market capitalization of $889.36 million, a price-to-earnings ratio of -2.54 and a beta of 1.66.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.73) by $0.04. During the same quarter in the previous year, the business posted ($0.81) earnings per share. Equities research analysts anticipate that Relay Therapeutics will post -2.83 earnings per share for the current year.

Insider Transactions at Relay Therapeutics

In related news, insider Peter Rahmer sold 13,708 shares of Relay Therapeutics stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the sale, the insider now directly owns 391,929 shares in the company, valued at $3,209,898.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Relay Therapeutics news, insider Peter Rahmer sold 13,708 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $8.19, for a total transaction of $112,268.52. Following the completion of the transaction, the insider now owns 391,929 shares of the company’s stock, valued at approximately $3,209,898.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sanjiv Patel sold 36,706 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $9.07, for a total value of $332,923.42. Following the transaction, the chief executive officer now directly owns 766,130 shares of the company’s stock, valued at approximately $6,948,799.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 125,052 shares of company stock valued at $988,396. 4.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Renaissance Technologies LLC increased its position in shares of Relay Therapeutics by 19.1% in the 2nd quarter. Renaissance Technologies LLC now owns 909,037 shares of the company’s stock valued at $5,927,000 after acquiring an additional 145,837 shares during the period. American Century Companies Inc. increased its holdings in Relay Therapeutics by 19.4% in the 2nd quarter. American Century Companies Inc. now owns 178,088 shares of the company’s stock valued at $1,161,000 after purchasing an additional 28,894 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in Relay Therapeutics by 661.7% in the 2nd quarter. Los Angeles Capital Management LLC now owns 106,169 shares of the company’s stock valued at $692,000 after purchasing an additional 92,230 shares during the last quarter. Candriam S.C.A. boosted its position in Relay Therapeutics by 38.4% in the 2nd quarter. Candriam S.C.A. now owns 703,429 shares of the company’s stock valued at $4,586,000 after buying an additional 195,000 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of Relay Therapeutics by 11.2% during the 2nd quarter. Victory Capital Management Inc. now owns 76,539 shares of the company’s stock worth $499,000 after purchasing an additional 7,680 shares during the last quarter. 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.