Bank of America Increases Relay Therapeutics (NASDAQ:RLAY) Price Target to $24.00

Relay Therapeutics (NASDAQ:RLAY) had its price objective boosted by Bank of America from $20.00 to $24.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

RLAY has been the topic of several other reports. Oppenheimer lowered Relay Therapeutics from an outperform rating to a market perform rating in a research report on Tuesday. HC Wainwright dropped their target price 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. The Goldman Sachs Group began coverage on Relay Therapeutics in a research report on Tuesday. They issued a buy rating and a $20.00 target price on the stock. JMP Securities dropped their target price on Relay Therapeutics from $24.00 to $21.00 and set a market outperform rating on the stock in a research report on Thursday, July 18th. Finally, Barclays increased their target price on Relay Therapeutics from $14.00 to $17.00 and gave the stock an overweight rating in a research report on Tuesday. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $21.22.

Relay Therapeutics Trading Down 0.3 %

RLAY stock opened at $7.60 on Tuesday. The firm has a market cap of $1.01 billion, a P/E ratio of -2.88 and a beta of 1.64. Relay Therapeutics has a 12-month low of $5.70 and a 12-month high of $12.14. The stock’s 50 day simple moving average is $7.54 and its 200 day simple moving average is $7.41.

Relay Therapeutics (NASDAQ:RLAY) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.73) by $0.04. During the same period last year, the business earned ($0.81) EPS. On average, research analysts forecast that Relay Therapeutics will post -2.9 EPS for the current fiscal year.

Insider Activity at Relay Therapeutics

In related news, CFO Thomas Catinazzo sold 9,373 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $6.24, for a total transaction of $58,487.52. Following the completion of the transaction, the chief financial officer now owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Thomas Catinazzo sold 9,373 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $6.24, for a total transaction of $58,487.52. Following the completion of the transaction, the chief financial officer now owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sanjiv Patel sold 36,706 shares of the firm’s stock in a transaction dated 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. Insiders sold 84,738 shares of company stock valued at $715,499 over the last 90 days. 4.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RLAY. EverSource Wealth Advisors LLC acquired a new position in shares of Relay Therapeutics in the 2nd quarter valued at $37,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Relay Therapeutics in the 1st quarter valued at $79,000. Virtu Financial LLC acquired a new position in shares of Relay Therapeutics in the 1st quarter valued at $87,000. Los Angeles Capital Management LLC boosted its position in shares of Relay Therapeutics by 25.7% in the 1st quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock valued at $116,000 after purchasing an additional 2,850 shares during the period. Finally, Victory Capital Management Inc. acquired a new position in shares of Relay Therapeutics in the 4th quarter valued at $126,000. Institutional investors own 96.98% of the company’s stock.

Relay Therapeutics Company Profile

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.