Relay Therapeutics (NASDAQ:RLAY) Sees Strong Trading Volume on Analyst Upgrade

Relay Therapeutics, Inc. (NASDAQ:RLAY) shares saw unusually-strong trading volume on Tuesday after Bank of America raised their price target on the stock from $20.00 to $24.00. Bank of America currently has a buy rating on the stock. Approximately 612,004 shares were traded during trading, a decline of 52% from the previous session’s volume of 1,271,603 shares.The stock last traded at $9.00 and had previously closed at $9.51.

Other equities research analysts also recently issued reports about the company. Barclays upped their target price on Relay Therapeutics from $14.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday. JPMorgan Chase & Co. dropped their target price on shares of Relay Therapeutics from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday. Oppenheimer downgraded shares of Relay Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday. HC Wainwright reduced their target price on Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Finally, JMP Securities decreased their target price on Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating for the company in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Relay Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $21.22.

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 completion of the sale, the insider now owns 391,929 shares of the company’s stock, valued at $3,209,898.51. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Relay Therapeutics news, CEO Sanjiv Patel sold 36,706 shares of the business’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 completion of the sale, the chief executive officer now directly owns 766,130 shares of the company’s stock, valued at $6,948,799.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Rahmer sold 13,708 shares of the firm’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $8.19, for a total transaction of $112,268.52. Following the transaction, the insider now owns 391,929 shares in the company, valued at approximately $3,209,898.51. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,738 shares of company stock valued at $715,499. 4.32% of the stock is owned by insiders.

Institutional Investors Weigh In On Relay Therapeutics

A number of large investors have recently bought and sold shares of RLAY. Vanguard Group Inc. lifted its position in shares of Relay Therapeutics by 10.9% in the first quarter. Vanguard Group Inc. now owns 11,815,669 shares of the company’s stock worth $98,070,000 after buying an additional 1,165,282 shares during the last quarter. Bellevue Group AG lifted its holdings in Relay Therapeutics by 21.5% in the 4th quarter. Bellevue Group AG now owns 5,936,082 shares of the company’s stock worth $65,356,000 after purchasing an additional 1,051,082 shares during the last quarter. BVF Inc. IL boosted its position in Relay Therapeutics by 67.8% during the fourth quarter. BVF Inc. IL now owns 3,970,045 shares of the company’s stock worth $43,710,000 after purchasing an additional 1,604,240 shares during the period. Norges Bank acquired a new position in Relay Therapeutics during the fourth quarter valued at approximately $33,789,000. Finally, Finepoint Capital LP raised its position in shares of Relay Therapeutics by 51.3% in the fourth quarter. Finepoint Capital LP now owns 1,317,870 shares of the company’s stock valued at $14,510,000 after purchasing an additional 447,000 shares during the period. 96.98% of the stock is currently owned by institutional investors.

Relay Therapeutics Price Performance

The stock’s 50 day moving average price is $7.41 and its two-hundred day moving average price is $7.43. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -3.24 and a beta of 1.64.

Relay Therapeutics (NASDAQ:RLAY) last released its earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.04. During the same quarter last year, the business posted ($0.81) EPS. As a group, equities research analysts anticipate that Relay Therapeutics, Inc. will post -2.91 EPS for the current fiscal year.

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.